PCL posts impressive results, eyes diversification in solar, fish farming for growth

Press Corporation plc (PCL) has posted a 42% rise in turnover to K556 billion and K126.35 million profit after tax, as it moves to diversify into solar energy and fish farming for future growth.

Speaking at the 41st AGM on Friday in Blantyre, PCL Board Chairperson Randson Mwadiwa described the company’s 2024 performance as outstanding, especially given the tough economic environment that many businesses struggled to navigate.

“Our share price went up quite a bit, almost double, to 5,500 per share, which is extremely good, and as you have heard from the shareholders, they are happy with that,” Mwadiwa said. “As you know, the economy has not behaved the way we all thought it would, so it was a very challenging environment to work in, but even then, to do well.”

He added that PCL’s new strategic plan is already gaining momentum, with deliberate steps to expand beyond its traditional portfolio.

“As you know, we are now working to set up a solar plant for electricity generation. We are also reviving the fish industry, so we do think that with this diversification we would be able to ride the headwinds of the economic problems that we are facing,” he added. 

The chairperson also highlighted PCL’s broader ambition to support foreign exchange generation, saying the group is exploring sectors that can deliver long-term economic impact.

In reaction, the Minority Shareholders Association of Listed Companies (MISALICO) welcomed the group’s direction and transparency.

Secretary General Frank Harawa said, “I think the participation of the Board of Directors and the management and the shareholders was just too good. I think it tells you that the shareholders are happy with the performance of our company.”

Meanwhile, Mwadiwa said looking ahead, PCL is optimistic about the future, with mid-year results already showing positive signs. “We believe 2025 will end on another high note,” he said. “We remain committed to creating value for shareholders while supporting Malawi’s broader economic transformation.”