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25.11.2008 Business & Finance

Shareholders Applaud Guinness Ghana Breweries Ltd

> Shareholders Applaud Guinness Ghana Breweries Ltd

Shareholders applauded the sterling financial performance of Guinness Ghana Breweries Limited (GGBL) at the Annual General Meeting held yesterday at the Accra International Conference Centre.

Notable financial highlights of the year, which ended June 30, 2008, include the growth of volume by nine per cent over the previous year's;  the company's turnover appreciated by 31 per cent from GH¢125 million in 2007 to GH¢164 million; profit before tax increased by 52 per cent over last year's to GH¢23.1 million; profit after tax increased by 18 per cent over the previous year's to GH¢16.7 million, and contributions to national revenue, comprising excise duty and sales tax/VAT went up by 25 per cent. 

The board of directors declared a full dividend of 4.85Gp per share before tax for the year, made up of an interim dividend of 0.86Gp and a final dividend of 0.343Gp per share. This represents a 13 per cent increase over the previous year's.

The Board Chairman, Dr Nick Blazquez, informed the shareholders that GGBL was currently inaugurating an additional bottling line at Achimota Brewery to enhance the capacity of the brewery.  

He further stated that in line with GGBL's corporate mission to enrich the communities in which it operated, various initiatives in the areas of corporate social responsibility were undertaken in the year under review. The key focus area was the provision of potable water for 150,000 Ghanaians. Other initiatives were in the areas of health, education, agriculture and sports. 

Commenting on GGBL's year-end performance, the Managing Director of the company, Mr Seni Adetu, stated, “Our business remains focused on our people, our brands and our reputation and this enables us to continue to deliver excellent returns to our investors and shareholders.

Our team is dedicated and talented and we operate within a culture of high performance. GGBL is realising the benefits from the synergies created during the recent merger between Guinness Ghana Ltd and Ghana Breweries Ltd. We are now one company, focused on achieving our vision of being Ghana's most celebrated company by 2011.” 

   

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