*Loss rises to N386m in Q1
WorldStage Newsonline—The Ubakala, Umuahia, Abia State based Golden Guinea Breweries Plc has released its finacial statements for the year ended 31st March 2020 http://www.nse.com.ng/Financial_NewsDocs/Audited%20Financial%20Statement%20-%20Year%20%20Ending%20March%202020-min.pdf, the first year after a successful reactivation activities, and commencement of market re-entry of the products.
The company recorded administrative expenses of N277.670 million in 2019 when it was still out of market as against N269.062 million in 2020 when activities picked up.
The revenue in 2019 was nil as against loss of N853.155 million in 2020 while loss after taxation reduced to N137.275 million from N275.270 million in 2019.
The principal activities of the company include brewing, bottling, and marketing of Golden Guinea lager beer, Malta, Eagle Stout and Bergedorf lager beer.
The company confirmed gradual resumption of its principal activities during the year under review saying positive results were also being achieved in sourcing the funds and working capital required to accomplish remainig rehabilitation activities and resume operations on all the company’s product lines before the end of the next finacial year.
Meanwhile, in a separate release of the company’s unaudited financial statements for the first quarter (Q1) ended 30th June, 2020 http://www.nse.com.ng/Financial_NewsDocs/Unaudited%20Financial%20Statements%20for%20the%20First%20Quarter%20ended%2030th%20June%202020.pdf today at the Nigerian Stock Exchange, the revenue recorded for the period was N182.810 million, same as recorded for Q1 2019.
Same loss for the year at N386.018 million was recorded for Q1 2020 and Q1 2019.
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 Lts on 6th May, 1971 and the company became a Public Limited Liability company in 1978.
