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Business News Mon, 29 Feb 2016

afb reverses impact of FX losses in one year

afb (Ghana) plc, one of the leading financial services companies in the country has reported improvement in its profit before tax by 100%. This came to light, when the company took its turn at the Ghana Stock Exchange (GSE) “facts behind the figures” session held in Accra.

According to the Managing Director, Arnold Parker, the key focus of management for the 2015 financial year was to strategically position the business for future growth and success.

He mentioned that “the successful issuance and listing of the corporate bonds on the GAX has allowed the company to redeem all foreign denominated liabilities, thereby eliminating all foreign currency risks for the business”.

“In 2015 the business paid attention to reducing its dollar debt, cutting costs and loan recovery. In 2016 and beyond, the business will be focused on Balance Sheet growth and profitability, he added”.

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Also, speaking at the event was afb Loans Group CEO, Bruce Sneddon, who remarked that the company has started the current financial year well ahead of its month on month budgets in what promises to be a good year.

It will be recalled that in July 2015, the company raised GHS 40 million by issuing on the GAX corporate bonds to the investing public which was heavily oversubscribed.

Market watchers will be keenly eyeing afb this year as it has made inroads in the market with its paperless loan application platform and other branchless financial services products.

afb (Ghana) plc is a subsidiary of Jumo World, the fintech giant that also operates in Tanzania, Uganda, Zambia and Kenya.

Source: afb (Ghana) Plc
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