TDC rakes in 44 million Ghana cedis as gross earnings

The Tema Development Company (TDC) has raked in more than 44 million cedis as actual total revenue (Gross Earnings) from January to September 2019.

Addressing an end of year thanksgiving service, Ms ELzabeth Mansa Banson, Board Chair, said GH¢44,135,431 was raised against the related period end budget of GH¢134,426,955.

"Thus, the actual performance represented 32.83% of the period end budget and 24.53% of the 2019 annual budget," she stated.

According to her," Actual performance for the year to 31st December, 2019 is projected to be GH¢59,682,794 or 33.17% of the 2019 budgeted total revenue.

Compared to the same time last year, actual total revenue (gross earnings) for the nine-month period to September 2019 decreased by GH¢8,545,843 or 16.22% against same time last year’s gross earnings of GH¢52,681,274."

She indicated that net profit before tax for the nine-month period ended 30 September 2019, amounted to GH¢15,131,995 against the related period end budget of GH¢11,916,343, representing 26.99% more than budgeted.

"Net Profit Before Tax by 31st December 2019 is projected to be GH¢17,463,680 with an expected return on capital employed of 7.81% against the 2019 annual budgeted profit of GH¢12,045,468 and return on capital employed of 6.46%.

" TDC continues to prepare itself towards the implementation of the redevelopment programme to ensure a successful regulation of Tema into a world-class urban environment as conceived by our founding fathers with Kaiser Flats in Community 4, Sites 1,2 and 3 in Communities 1 and 2 as the piloting phase," she stated.