Highlights from Aluworks (ALW)’s Annual Report – Chairman’s Statement
The company reduced its net LOSS before tax from GHC 3.35 million in 2011 to GHC 2.33 million in 2012. Due to the loss, no dividend will be paid.
The recent rights issue to raise additional capital was not too successful. The company could not raise the exact amount it needed to carry out the planned projects. Another right issue should thus be expected.
The main challenge to the company’s future prospects is the onslaught of the Ghanaian aluminium market by Chinese products. The company is counting on government to impose necessary countervailing measures.