Salone Brewery revenue up 28% at Le59.01 billion

Business

Sierra Leone Brewery Limited this Wednesday released its Financial Statement for the year ended 31st December 2011. The Heineken majority owned company reported increased revenue, gross profit and profit before taxation. The company has also put on hold the paying of dividend until liabilities in favour of its creditors are settled. Revenue for the period increased from Le46, 067 billion in 2010 to Le59, 013 billion with gross profit recording up from Le14, 120 billion in 2010 to Le19, 839 billion. The company indicated in flows on its operating activities at Le7, 935 million up from Le5, 272 slated in 2010. However profit before tax was reported at Le4, 365 billion up from Le768, 323 million stated in 2010 “Financial cost and foreign exchange movement gulped Le3.57 billion and corporate tax Le549 million leaving net profit at Le3.82 billion”, Rob Marijnen Board Chairman SLBL said on Wednesday. The company said it recorded significant growth in its sales volumes and which increase it indicated at 20%. Marijnen said SLBL which is still “recovering” from the effects of Sierra Leone’s decade long civil conflict, has “began to reap” investments on its brand and as well as its distribution system. “We launched a massive campaign for Star to reinvigorate the brand. This was backed with an intensive marketing campaign which saw Star back on local TV after over a decade absence” Marijnen stated. As it moves slowly into recovery SLBL says it will implement significant investments in the overall product quality, upgrade its brew house and water treatment system, and overhaul its cooling system. The company as a matter of priority also said that it has “instituted programs” aimed at developing the company for “better and sustainable performance and to tackle mind set and behavioral challenges.”

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