Tema Development Corporation profit dips in 2016

money-cashThe Tema Development Corporation (TDC) made gross income of GH¢40.4 million posting a profit before tax of GH¢8.78 million in 2015 against GH¢25 million recorded as profit in 2014.

Addressing the sixth Annual General Meeting of the Corporation in Tema, Mr E D Adjetey, Chairman of TDC’s Board of Directors, said:”The major reason for the dip in the Corporation’s performance in 2015 was that a court injunction was placed against it restraining it from carrying out activities in Community 24.”  

According to him, the injunction and other commitments created serious liquidity challenges resulting in its inability to declare dividend for the 2015.

“As a result of the liquidity challenges that rose out of the court injunction and also for the fact that the Corporation continued with the construction of Site 3 residential apartments and the Community 2 Offices and Shops Complex which were all financed solely from internally generated funds”, he said.

GH¢50 million was however transferred from its income Surplus Account to Stated Capital as a way of restructuring the capital mix of the Corporation.

Mr Joe Abbey, Managing Director, TDC, said the injunction halted the construction of 1,400 fully serviced residential and commercial plots including 13 kilometres of internal road network, 27 km drainage system and 6 kilometre storm water drain infrastructure services adding that” the court case has indeed been a major setback to the Corporation’s operations.”     

According to him, the first phase of TDC’s four blocks of eight storey flats at the in-filling site at Community One, Site 3, offering 64 two-bedroom apartments, have been completed.    

“TDC made significant progress on the Kpone Affordable Housing project. Overall works progressed to 98.5 per cent on eight of the twenty four blocks handed over to the Corporation.”

Mr Abbey said TDC is deploying the Geographic Information System (GIS) technology to effectively map out and demarcate the Tema Acquisition Area. 

He appealed to government to hasten the process of turning the Corporation into a Limited Liability Company for it to expand its operation beyond Tema.

Source: GNA

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