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16.10.2008 Business & Finance

Guinness Ghana invests 40 million dollars in expansion

By gna

Guinness Ghana Brewery Limited (GGBL) is investing over 40 million dollars in expansion programmes to enable it stay ahead of the competition and meet consumers demand, its director said on Thursday.

Speaking at 'the facts behind the figures programme' of the Ghana Stock Exchange to explain the company's performance to brokers and journalists, Mr Seni Adetu, Managing Director of the company, said the long-term capital investment was to position the company well into the future.

The money is being used to build waste water treatment plants, packaging line and expand the Achimota Brew house capacity.

“We are really poised for business in the future and taking steps well ahead so that we are not caught unawares. Our motivation is to grow the brand and ensure shareholders value,” Mr Adetu said.

GGBL's turnover appreciated by 31 percent from GH¢125 million in 2007 to GH¢164 million at the end of the financial in June 2008.

Profit after tax during the period increased by 52 percent over last year to GH¢23.1 million.

Mr Adetu attributed the good financial performance to dedication to the company's goals by the team and the vision to make GGBL the most celebrated organisation in Ghana.

He said the company was focused to create first choice brands and live up to its corporate social responsibility in the communities.

“With our strong brands and innovation focus, we are confident of our strengthened position in the market place,” he said.