CFAO Ghana Limited recorded a net profit of GHC 5,059,927 .00 in 2014, as against GHC 3,002,189 in 2013, an increase of 68.5 per cent.

Sales also rose from GHC 110, 529,783.00 in 2013, to GH? 140, 681, 430.00 in 2014, making an increase of 27.3 per cent.

Mr Eduard Rochet, Chairman of the Board of Directors of the company, announced this at the company’s Annual General Meeting in Accra.

He said the country’s economic outlook is deteriorating and this has led to a major depreciation of the cedi and a drastic slowdown in many areas of the economy.

Mr Rochet, who is also the Managing Director of the company, said the business has managed to achieve satisfactory financial performance in spite of the challenging economic environment.

“Notwithstanding the challenges we are facing in respect of the gloomy economic environment, your company has demonstrated its capacity to overcome the difficulties and has delivered strong results,” he said.

He said the Mitsubishi brand is increasing its market share and the launch of new major models in the coming month should intensify the good performance.

The Board Chairman said in 2014, the company introduced its new Citroen brand and sales figures so far has progressed satisfactorily.

Mr Rochet said the refurbishment of the Kumasi branch has been completed and “we are planning to build a new body and paint workshop in Accra, to develop this activity with the aim of improving the company’s after sales service and profitability”.

A dividend of GHC 0.0041 per share was recommended for payment to the shareholders.