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30.06.2005 Business & Finance

Graphic eyes sales growth of 35%


After posting impressive results for last year, Graphic Communications Group Limited says it is looking forward to grow sales by 35 percent this year.

The media giant which, publishes five newspapers and an advertiser, was able to record appreciable gains in its profit margins despite what officials say was stiff competition in the industry.

Operating profits was 16.6 billion cedis or 32 percent above the 2003 figure.

Turnover was 25.4 billion cedis – a 30 percent jump over 2003 powered by exceptional performance by the company's newspapers especially Daily Graphic.

This cushioned a rather sharp rise in expenditure stimulated by high cost of newsprint.

The performance translated into the payment of 3 billion cedis in dividends to government – the sole shareholder of the group.

Chairman of the Board Professor Kwame Gyekye says the company is initiating proactive measures to attain the targets contained in the state enterprise commission's contract.