Golden Guinea Releases Year End Results for 2018

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Golden Guinea Breweries Plc, earlier on Thursday released its full-year statement of affairs for the year ending 31 March 2018.

The Umuahia-based brewer which has not been active for 15 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.

Read: GOLDEN GUINEA BREWERIES SET TO RE-ENTER BEER MARKET

The company further said that “positive efforts and active steps are being taken to recapitalize and resuscitate the company.

“Rehabilitation and retooling work at the brewery is at final stages of commissioning as at June 2018. Also, positive results are being achieved in sourcing the funds and working capital required to resume operations within the next few months.”

Read: BEER WARS: GOLDEN GUINEA DRAGS PABOD BREWERIES TO COURT OVER ALLEGED TRADEMARK INFRINGEMENT

The company listed Total Assets of N4.5bn, Creditors, and Payables of N1.8bn and Total Equity of N2.7bn as at 31 March 2018.

The brewing company reported a loss of N163m for fiscal 2018, an improvement from N212m loss recorded in the previous year. The loss for the year under review came primarily from administrative costs and taxation. The company did not generate any revenue as it had not resumed activities.

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