Golden Guinea Releases Results for Year Ended March 2019

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Golden Guinea Breweries Plc, on Tuesday, reported on its full-year financials for periods Apr 2018 – Mar 2019.

The Umuahia, Abia State brewer, which has not been active for 16 years following a fire outbreak at its facility in 2003 said in its report that it has not resumed its principal activities of brewing during the year under review as a result of the ongoing reactivation activities.

The company further said that “Positive efforts and active steps are being taken to resuscitate the company, and major milestones have been achieved as at the time these financial statements were approved in June 2019,” the statement read.

The company listed Total Assets of N4.5bn, Creditors and Payables of N1.9bn and Total Equity of N2.5bn as at 31 March 2019.

According to the company’s financial statement, it incurred a loss of N275m for the full year ending in March 2019. The loss came primarily from administrative costs and taxation. The company did not generate any revenue as it had not resumed activities.

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There was a bit of confusion in April, when the Abia State Commissioner for Information, John Okiyi Kalu, was quoted as saying that the brewing company had resumed operation following his visit to Golden Guinea Breweries, along with Sam Hart, aide to Governor Okezie Ikpeazu, to ascertain how far the retooling work at the facility had gone. Kalu said he was surprised when they were offered glasses of freshly brewed Golden Guinea Beer straight from the brewing tanks.

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He further urged Nigerians to expect the availability of the products across the country in two weeks.

“I am happy to inform the good people of Abia State, Ndigbo and Nigerians in general that from the next two weeks they can go to any beer parlour in the country and drink their favourite Golden Guinea beer, Malt, Eagle Stout or Berghoff Beer.

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However, Golden Guinea swiftly released a statement debunking the resumption of business. The company added that it stands by its original statement to resume operation by the second quarter of 2019.
Golden Guinea Breweries is majorly owned and controlled by Pan Marine Investment Limited, which holds a 75% stake in the firm.

Other shareholders include the Abia State Government 3.38%; Imo State Government 1.8%; Philmontan Nigeria Limited 3.09%; Couthinho, Caro & Co Nigeria Limited 1.36%; Holsten Baruerei AG Hamburg 1.5%; Floco Verwaltungs-Und 3.61% and other Nigerian Associations and Citizens 10.27%.

Golden Guinea principal activities are brewing, bottling and marketing of Golden Guinea lager beer, Golden guinea Malta, Eagle Stout and Bergedorf lager beer.

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