The Umuahia, Abia State-based Golden Guinea Breweries Plc has released its unaudited financial statements for the year ended September 30th, 2020.
The brewer recorded Revenue of N424m in the period under review while the Net Assets grew by 40.2% from N2.7bn to N3.8bn.
Notably, Profits before tax and Profit after tax stood at N18.88mn.
The company listed Total Assets of N5.4bn, Creditors, and Payables of N3.01bn and Total Equity of N3.8bn.
The principal activities of the company include brewing, bottling, and marketing of Golden Guinea lager beer, Malta, Eagle Stout and Bergedorf lager beer.
Golden Guinea Breweries Plc 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.
The company introduced Eagle Stout to the market in 1967 but between 1967 and 1970, further production was hampered by the Nigerian Civil War. In 1971, the company changed its name to the current one Golden Guinea Breweries. In 1975, the company was revamped and an extension was built by the German firm Coutinho Caro which later participated in an equity offering issued by the firm.
The company holds franchise rights to produce and market Golden Guinea Beer, Holsten Brewery’s Bergedorf premium lager beer and Bergedorf Malta in Nigeria.
Majority shares in the company were later purchased by Pan Martine Investments Ltd promoted by Mr. Okey Nzenwa.