The Ghana Stock Exchange (GSE) has approved the application for Provisional Listing of Comet Properties Limited. The application was sponsored by Worldwide Securities Limited, a licensed dealing member of the GSE.
Comet Properties Limited is a real estate development company established in 2002 with the primary objective to construct and deliver into the Ghana property market, functional and comfortable houses. The company has since developed and delivered to its customers, several houses on its maiden 2,000 acre Hillside Housing Estate Project at Brekusu, near the Ashongmang Housing Estates, Accra.
The response of the general public to the company’s products and services has been very encouraging and this has necessitated the extension of its geographical area of operations, since 2004, to cover new land acquisitions at Obosomase (1,500 acres), on the same Akwapim Hills.
The company is a respected member of Ghana Real Estate Developers Association (GREDA). Comet, in its maiden entry into the prestigious Ghana Club 100 in 2008, impressively placed 47 in the over all rankings and 1st in the Real Estates Industry rankings.
The gross revenue of Comet has registered impressive growth, averaging 107% per annum from 2005 to 2007. Even in a particularly difficult year 2008, the company’s 2007 turnover of GH¢18.27 million increased by 6% to GH¢19.34 million. Profit after tax increased from GH¢661,109 in 2005 to GH¢758,311 in 2006. It further increased to GH¢1.83 million in 2007 and then to GH¢2.66 million in 2008. Profit margin for the past four years has averaged 17% per annum.
The company has a strong asset base to support its operations. Total Fixed Assets was GH¢227.84 million at the end of 2008. This includes an estimated 2,500 acres of fully acquired but undeveloped land. The gross value of its stocks including serviced plots, building materials and buildings was GH¢114.81 million as at December 31, 2008.
Comet Properties Limited has strong governance set up and it intends to strengthen it further with its entry onto the Stock Market. The company acknowledges good corporate governance as a necessary condition for providing satisfactory products and services to clients and maximising shareholder value.
In September 2006, Comet by a special resolution converted from a private company to a Public Limited Liability Company and adopted amended regulations of a public company, in furtherance of its plans to open up its shareholding to the larger investing public.