Press Corporation forecasts K69.8bn profit

Press Corporation Plc. has issued a revised trading statement indicating a significant upward revision in its profit forecast of K69.8 billion after tax for the year ending December 31, 2023.

A statement issued by the conglomerate says the company originally projected a profit after tax between K62.8 billion to K69.8 billion, representing a growth of 73% to 92% compared to the previous corresponding period.

However, the statement says, following a comprehensive review, Press Corporation now anticipates its consolidated profit after tax to soar by 102% to 107%, reaching an estimated range of K73.5 billion to K75.4 billion.

The company says this revised forecast reflects the company’s reassessment of its financial performance based on recent developments and operational outcomes.

The revised trading statement aligns with the Listing requirements of the Malawi Stock Exchange, mandating listed companies to disclose any significant alterations in previously announced forecasts before the publication of periodic financial results.