Pioneer Aluminium Factory (PAF) on Thursday, released its annual report and accounts for 2002 posting a higher profit after tax of 464.5 million cedis as against the 414.5 million cedis registered in 2001.

A statement issued by the Ghana Stock Exchange said PAF made a gross profit of 4.5 billion, up from the 4.4 billion cedis made in 2001.

Earnings per share also rose from 25.14 cedis in 2001 to 28.17 cedis.

Net current assets for 2002 was 1.8 trillion cedis rising from the 1.1 trillion in 2001.