Togbe - 2015 AGM

2014/15 Financials: Hearts of Oak slump further to $750,000 loss but record Revenue increase

Ghanaian giants Accra Hearts of Oak Sporting Club Limited made an overall 150.59% loss of over the financial year ending 30th June, 2015, the club announced at its 5th Annual General Meeting since its flotation of shares.

The annual financial figures (for 2014/15) announced at this year’s AGM which was held at the Accra International Conference Center on Wednesday showed the Phobians recording for the successive time, a GH¢ 2,872,516 (US$ 750, 996.13) loss.

This follows the 2013/14 year’s loss of GH¢1,907,407.

Despite the loss, Hearts were able to make significant strides in revenue generation from gate proceeds at matches during the 2014/15 season where the club nearly ended up suffering relegation from the top-flight.

Disclosing this year’s figures, Board Chairman Togbe Afede XIV told shareholders that “the revenue of the club increased from GH¢ 262,102 during the 2013/14 period to GH¢ 1,073,894. The increment of 409.72% was due to increase in gate proceeds at matches. Also,

“Total Income increased by 345% from GH¢ 440,546 in 2013/14 to GH¢ 1,519,573. General and Administrative Expenses increased from GH¢ 2,071,548 to GH¢ 3,544,095, an increase of 171%”.

The Phobians who went trophy-less, however had their Total Assets increased from GH¢ 1,067,065 at the end of the 2013/14 t0 GH¢ 1,624,580 at the end of 2014/15 achieving a 152% increase.

There was a 170% increase in Total Liabilities from GH¢ 4,892,150 at the end of 2013/14 to GH¢ 8,328,055 at the end of 2014/15, according to the Financial Statement.

Last year, the Shareholders fund increased by 100% to GHC 3,825,084 but suffered a 175% decline to GH¢6,703,476 at the end of 2014/15.

Two persons, the National Chapters Committee Chairman, Eric Barima Atuahene, and Thomas Kwesi Esso were confirmed as new members of the Accra Hearts of Oak Board replacing Alhaji Amadu Moro Braimah and Apiggy Afenu respectively.