CFAO Ghana records 15% profit

CFAO Ghana Limited posted a net profit of GH¢7,702,292 in 2020 as against GH¢6, 098,941 in 2019, representing an increase of 15 per cent.

Turnover also rose from GH¢163, 597,000 in 2019 to GH¢174,339,000 in 2020, making an increase of seven per cent.

Mr Paulo Fernandes, Board Chairman of the Company who disclosed this at CFAO’s Annual General Meeting in Accra said with the onset of the covid-19 pandemic, the main objective of the company was to protect the employees and customers and therefore, put in place all safety measures.

Mr Fernandes, who is also the Managing Director of the Company said as part of the Company’s Corporate Social Responsibility, it donated two Pick-Up vehicles to Ghana Covid-19 Management Committee to support the fight against the pandemic.

He said in pursuit of customer satisfaction, the Company introduced new products and services including; Auto Life CFAO, which in partnership with Allianz Life, offered a five-year life insurance for anyone who purchased a vehicle from the Company and CFAO Auto Finance, which gave customers access to an auto finance facility at a fixed –term interest of 18 per cent for periods ranging from one to five years with a deposit of 25 per cent.

Mr Fernandes expressed the hope that the shareholders would continue to support the Company in the coming years to build it into a more prosperous and profitable business.

A dividend of GH¢0.0143 per share representing 25 per cent increase was recommended for payment to shareholders.

Source: GNA