ALUWORKS holds annual general meeting
Accra (Greater Accra) 10 May 2002 - Aluworks, an aluminium producing company, made a net profit of 38.5 billion cedis last year, as against 34.5 billion cedis the previous year. Turn over also rose from 229 billion cedis in 2000 to 287 billion cedis last year, Mr William E Inkumsah, Chairman of the Board of Directors of the company, announced these at the company's 15th Annual General Meeting in Accra on Thursday.
He said the company produced 17,420 metric tons of aluminium in 2001, relative to the 18,257 metric tons produced the previous year that was about 85 per cent of the installed capacity of 20,000 metric tons and represented a four per cent drop in the 2000 production figure.
He said there had been significant progress on the expansion project in the past year and work was on schedule for the expansion of facilities to add 10,000 metric tons to the factory's capacity.
Mr Inkumsah said the main equipment, the third Caster, Melting and Holding Furnace, have been installed adding that the new Casting Line would be fully operational by June. The project is being financed with a foreign loan of four million dollars and the first half yearly instalment of the loan would be due for repayment in June, he said.
A dividend of 500 cedis per share, made up of an interim dividend of 200 cedis paid in January and a final 300 cedis to be paid in June was recommended for payment to shareholders.
GRi../
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Accra (Greater Accra) 10 May 2002
Currency Buying Selling
US Dollar 7,677.00 7,846.64
Pound Sterling 11,177.71 11,429.42
Swiss Franc 4,774.15 4,878.11
Canadian Dollar 4,890.92 4,997.78
Japanese Yen 59.64 60.94
S/African Rand 741.28 755.52
Euro 6,948.72 7,099.90
CFA Franc 10.59 10.82
Naira 66.24 67.70
Ecowas/WAUA 9,692.93 --------
GRi../
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