Shareholders of the Sierra Leone Brewery have been informed that the company recorded Le1.2
billion as net profit after tax for the period 2008 compared to a net loss after tax of Le5.4billion the previous year.
This was contained in Chairman J.N. Ferrand’s address to shareholders this past Friday at the company’s annual general meeting in which he stated that “in 2008, government also took steps to address some of the lopsided tax policies that favor the importation of finished goods to the detriment of local manufacturing.”
The chairman further disclosed that “total revenue increased to Le35.3 billion in 2008 compared to Le31.5 billion in 2007, while earnings from operating activities (before interest and income tax) decreased from Le2.0 billion in 2007 to Le1.4 billion in 2008.”
The chairman stated that despite the overall depressed sales in 2008, the company has continued to stimulate and excite the market with quite a number of innovative activities including the repackaging of their Star and Maltina brands.
In addition, Mr. Ferrand said that the company commissioned a modern and fully automatic brew house in 2008. This has since continued to give valuable productivity gains.
He added that the company’s local production capacity is now of world class standardsMr. R. Marijnen, Mr. J.N Ferrand and Mr. Gannon were re-appointed by stakeholders as directors and will serve in that capacity until 2010 when another annual meeting will be held with stakeholders to change the directors. Stakeholders voted in favor of an increase of the directors’ salaries.
By William Freeman