Guinness Ghana Posts Impressive 2001 Results

Guinness Ghana limited contributed a total of 96.3 billions cedis in taxes to government revenue in the 2001 financial year ended June, this year. This was contained in the company’s financial results released at the Ghana Stock Exchange.The amount comprises Value Added Tax of 31.1 billion Cedis and 57.3 billion Cedis in excise duty.

Corporate taxation charged to the income statement of the company amounted to 8 billion cedis, which includes 2.5 percent of reconstruction levy on profit before tax introduced at the beginning of the year by government.

The company recorded a net turnover of 190.6 billion Cedis from the previous year’s 124 billion Cedis indicating an increase of 52 percent. The increased turnover backed by effective cost control of operational expenses improved trading margins from 5.3 percent to 19.4 percent. The increase in turnover is largely attributed to the price and volume increases of the company’s high quality premium products, Guinness Foreign Extra Stout and Malta Guinness.

According to the Managing Director of Guinness Ghana, Devlin Hainsworth, the company’s success in the brewery industry is largely driven by a focus on the two brands. The company therefore intends to increase the frequency of the brands on the market.