Though most of the listed companies are yet to release their unaudited financial year results, Fanmilk Ghana Limited and Total Petroleum Ghana has so far released good results.

Last year was a turbulent year for the Ghana Stock Exchange (GSE) as it placed last but one from the bottom as one of the worst stock exchanges in Africa with an annual return of 48 percent.

However, Fanmilk and Total, which are in the manufacturing and petroleum sectors, posted some impressive results as both recorded immense growth in their earnings per share.

While Fanmilk, arguably the most successful listed firm’s last year earnings per share increased from GH¢0.36 to GH¢0.77, a more than 100 percent growth, Total recorded an earnings per share of GH¢0.9260 as against GH¢0.4448 in 2008.

Again, both companies recorded over 100 percent gains in profit as Fanmilk recorded GH¢20.175 million profit before tax as against GH¢9.387 million in 2008 while Total posted GH¢12.95 million profit after tax compared with GH¢6.220 million in 2008.

Whereas Fanmilk is trading currently at GH¢6.00 per share, Total is selling at GH¢6.80 per share.

Produce Buying Company, an indigenous cocoa buying company, also recorded quiet good results for last year, and this was mainly triggered by good cocoa price on the world market.

According to its financial results for the year ending 2009, profit before tax for 2009 was GH¢9.573 million as compared with GH¢2.466 million in 2008.

Its total equity also jumped from GH¢18.495 million in 2008 to GH¢9.819 million.

At the same time, its total assets increased from GH¢171.144 million in 2008 to GH¢316.390 million.

However, its total liabilities escalated to GH¢297.894 million from GH¢161.325 million in 2008.

As it is the norm, investors are expected to react to the good results and therefore firms which are yet to release their results might witness a change in their share price.

Since the beginning of the year, activity on the market has begun improving, with more volumes being traded on the market despite a negative year-to-date.  

Many more listed firms are expected to release their full year unaudited financial results in the coming weeks.

All eyes would thus be on the banking firms such as Ecobank Ghana, Standard Chartered, CAL and Ghana Commercial Bank which over the last months have recapitalized their operations to enable them meet the Bank of Ghana’s minimum capital requirement of GH¢60 million  as well as compete vigorously.

By Charles Nixon Yeboah