Fan Milk Ghana Rises to 6-Week High as Profit Grew: Accra Mover
Fan Milk Ltd. (FML), a Ghanaian food and beverage-maker, rose to the highest in more than six weeks after first-half profit increased 31 percent.
The stock rose 1 percent to 1.99 cedis as of the close in in Accra, the capital, the highest since June 4.
Net income increased to 13.1 million cedis ($6.7 million), the company said yesterday. Revenue in the six months to June 30 climbed 41 percent to 73.3 million cedis, it said.
“Investors were impressed about Fan Milk’s performance, considering the competition its products face on the market,” Randy Mensah, a stock trader at Ecobank Development Corp. in Accra, said by phone today. “We still expect better performance from them, banking on the quality management at the company.”
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