Daakye Trust increases assets value GHS 2.7bn; driven by growth in GETFund receivables

Daakye Trust Plc, a financial institution operating in Ghana, has released its financial statements for the year ending December 31, 2022, which reveal a mixed performance for the company. According to the financial statement, Daakye Trust Plc saw an increase in its assets value, driven by growth in GETFund receivables, but also an increase in liabilities. Additionally, while the company posted a profit for the year, the figure was lower than the previous year.

In terms of assets, Daakye Trust Plc’s 2022 financial statement showed that the company’s assets value increased from GHS 2.5bn in 2021 to GHS 2.7bn at the end of December 2022. This growth was mainly driven by an increase in GETFund receivables from GHS 921m to GHS 1.2bn. The company’s performance in this area is noteworthy, as it demonstrates that Daakye Trust Plc is successfully growing its assets and expanding its portfolio of receivables.

However, while the growth in assets is positive, it was also accompanied by an increase in liabilities. The financial statement shows that Daakye Trust Plc’s liabilities also increased from GHS 2.5bn in 2021 to GHS 2.7bn at the end of December 2022. This increase in liabilities could indicate that the company has taken on more debt or financial obligations, which could be a cause for concern.

Furthermore, the financial statement also revealed that Daakye Trust Plc’s profit for the year amounted to GHS 12.3m, which is a decline from the GHS 14.2m profit recorded in 2021. This decline in profitability may be a result of various factors, such as increased expenses or lower revenue. The decrease in profit could also be a sign that the company needs to evaluate its strategy and identify areas where it can improve its performance.

It is worth noting that the recorded profit translates into earnings of GHS 12.31 per share for shareholders. While this is a positive outcome for shareholders, it is important to keep in mind that the decline in profit may affect the company’s ability to pay dividends or reduce the amount of dividends paid out.

Daakye Trust Plc’s 2022 financial statement paints a mixed picture of the company’s financial performance. While the growth in assets value is a positive sign of growth, the increase in liabilities could indicate increased debt or financial obligations. The decline in profit may require further investigation into the reasons for the decline and potential strategies to improve profitability in the future. Overall, it will be interesting to see how Daakye Trust Plc addresses these challenges and positions itself for future growth and success.

Source: norvanerports.com