Guinness Ghana Breweries PLC, the country’s sole total beverage business, announced a 34 percent revenue growth for the fiscal year ending July 2024 (F24) despite significant economic headwinds.
The company disclosed these results at the ‘Facts Behind the Figures’ event organised in collaboration with Ghana Stock Exchange (GSE).
The revenue increase comes amid challenging economic conditions, including depreciation of the cedi, rising inflation and persistent downward forex pressures.
Despite these obstacles, the company maintained positive cash flow through stringent cost controls and reported improved profitability.
Managing Director Felicite Nson stated: “This past year presented unprecedented challenges for our business and the wider economy. Depreciating currency, escalating input costs and soaring inflation placed immense pressure on our operations”.
She added: “We are optimistic about the future and confident in our renewed focus on innovation and efficiency”.
To mitigate financial pressures, the company implemented strategic cost-saving initiatives, maintained its commitment to brand investment and streamlined processes. These measures appear to have contributed to the company’s ability to weather the economic storm.
In a key leadership change, Busola Doregos has been appointed the new Finance Director – succeeding Justin Mollel who has been promoted to Finance Director for Diageo Ireland. Under Doregos’ leadership, the company plans to prioritise long-term financial health; focusing on value creation and prudent fiscal management.
Guinness Ghana also reported on its community and sustainability initiatives. The company’s Local Raw Material Sourcing initiative impacted approximately 39,776 farmers across the Upper East, Upper West, Northern, Savannah and Bono East Regions, supporting the sorghum and maize value chains.
Corporate Relations Director Sylvia Owusu-Ankomah highlighted the company’s ongoing commitment to its ‘Spirit of Progress’ 10-year ESG action plan. “We remained committed to promoting positive drinking; championing inclusion and diversity; and pioneering grain-to-glass sustainability,” she said.
One notable community initiative is the ‘Water for Life’ Programme’ conducted in partnership with WaterAid Ghana. The programme has provided clean, potable drinking water to over 10 communities in Northern Ghana, replenishing more than 250,000m3 of water since 2020.
Looking ahead, Guiness Ghana’s Managing Director expressed confidence in the company’s future prospects. “Though the economic environment remains tough, we are entering the next fiscal year with confidence. The foundation we have built, combined with our passion for innovation and commitment to operational excellence, ensures that Guinness Ghana will continue to grow.”
The share price of Guinness Ghana Breweries rose by 38.2 percent from its initial value of GH¢3.40 at start of the year, making it the seventh-best performer on the GSE.
