Golden Guinea Breweries reports N18.88m profit after reactivation


By Kayode Tokede

Golden Guinea Breweries Plc  has released its financial statements for the second quarter ended 30th September 2020 with a profit of N18.88 million in six months, the first after its successful reactivation activities, and commencement of market re-entry of the products.

The Abia State based breweries manufacturing company suffered major machine breakdown, fire incident, including boiler explosion that occurred in February 2003. This affected its earlier operations.

As such, positive efforts were made and active steps were taken to resuscitate the company. Major milestones were achieved and the company started operations whose results were reported in the latest financial report.

Since the reactivation, the company had been operating at losses.

It lost N43.9million during the first quarter 2020 as well as losses at N56.4 million in Q1 2019 and six months 2019 at N107.45 million

Revenue during the period when the company was exempted from taxation were N241.34 million in Q1 2020 and N424.15 million in six months 2020.

The company lost N137 million during its first year after business reactivation.

The company was incorporated as a private limited liability company on 26th September, 1962 as Independence Brewery Limited. The name was changed to Golden Guinea Breweries Ltd on 6th May, 1971 and the company became a Public Limited Liability company in 1978.