Business News of Wednesday, 14 November 2012

Source: myjoyonline

GGBL records significant growth

Guinness Ghana Breweries Limited (GGBL) on the 14th of November 2012 briefed its stakeholders on the company’s financial performance during its Annual General Meeting at the National Theatre in Accra.

In the year under review, the business achieved significant growth with notable financial highlights of the year ended June 2012 including; 4% growth in volume over 2011, 96% increase in profit before tax.

The company’s turnover appreciated by GHC48million from GHC244million in 2011 to GHC 292million in year 2012. Profit after tax increased to GHC25million, Contributions to national revenue comprising excise duty, sales tax/VAT also increased by 16% to GHC150m.

The Board of Directors, declared a final dividend of GHC 0.024 per share before tax.

The Board Chairman, Mr. David Harlock informed shareholders of the tremendous achievements chalked up by the business in the year under review including Kaasi brewery, the flagship headquarters operating for three years without Lost Time Accident (LTA); GGBL, being the first market in Diageo to introduce and launch Armstrong, an innovative alcoholic drink made of a premium blend of spirits, malt and hops; recognition of the company’s sustainability projects to reduce environmental footprints with Gold and Bronze Diageo GREENiQ Awards for reducing water usage by 28% through investment in new equipments and reinforcing a culture shift among employees; as well as the expansion of the Early Career Trainee Programme to increase opportunities for young university graduates.

He said: “The journey of becoming Ghana’s most vibrant and iconic business by F17 is well underway and I am extremely pleased to announce that GGBL has delivered impressive growth, in Net Sales Value, profit before tax and on cash flows”.

“The business is investing £26.4m to expand the production capacity of its flagship headquarters in Kaasi to continue to deliver good quality products to consumers and entrench their leadership in the beverage industry,” he announced, saying “This expansion is expected to create many jobs opportunities for Ghanaians.

GGBL is determined to grow the business back to profitability in Ghana’s developing economy and will leverage on the growth in the country to develop the business to meet consumer needs as well as satisfy investors with good performance, Mr. Harlock added.

The company is the market leader in each of the 5 drinks categories in which it competes and the only beverage company listed on the Ghana Stock Exchange and has a vision of becoming the most vibrant and Iconic business in Ghana by F17.