TDC DEVELOPMENT Company Limited reportedly made significant profit in 2018 as compared to 2017.
The company grew in total assets by 13 percent from GH¢ 228.52 million in 2017 to GH258.16 million in 2018.
The comprehensive income of the company for the period amounted to GH¢ 75.7 million as against GH¢ 54.25 million in 2017.
This amount represents a growth of 40 percent over the previous year.
Managing Director of TDC Development Company Limited, Alice Abena Ofori-Atta, made this disclosure during the company’s first Annual General Meeting (AGM) held in Tema.
She attributed the significant improvement in growth for the period to improved revenue from rental and other property operating income, digitisation of rent and estate development.
Ms. Ofori-Atta said the year under review saw a rise in the revenue from 41 percent of GH¢ 49.33 million in 2017 to GH¢ 69.36 million in 2018.
She indicated that “as a result of our efficient management of resources by reducing costs and improving our investment income. We closed the year 2018 with a Profit Before Tax of GH31.85 million which represents a 138 percent growth from the 2017 figure of GH13.40million.”
“The company’s Profit After Tax of GH24.22 million in 2018 represents a 130 percent growth from the GH10.55 million achieved in 2017. Operating profit margin increases from 25 percent in 2017 to 38 percent in 2018 and Net Profit margin also improved from 27 percent in 2017 to 46 percent in 2018.”
She continued by stating how the company managed to reduce general and administrative expenses, noting that it improved to 39 percent of revenue in 2018 as against 64 percent in 2017.
The Managing Director further stated that TDC was aimed at increasing shareholder’s fund by 27 percent from GH¢ 150.92 million in 2017 to GH¢ 191.82 million at the end of 2018.