GIHOC Plans To List On Gse On Course

GIHOCGIHOC Distilleries Company Limited (GDCL), a wholly state owned enterprise (SOE), has announced plans of commissioning a newly revamped distillery with modern state-of-the-art plant and equipment by 2015.

This is part of a five-year expansion and modernisation project being undertaken by the company on its production facilities.

With the project, GDLC is expected to produce over 35, 000 bottles per hour and penetrate the African sub-region where it has already appointed distributors in both Nigeria and La Cote d’Ivoire.

This was made known at this year’s to review of its 2012 report and also inspect the ongoing project in Accra on Tuesday.
The Managing Director of GDCL, Kay Kwao-Simmonds, who made this known at an annual general meeting (AGM) of the GDCL said the project would enable the company to stay in competition and maintain its first place in standard.

She added that the project, which fell under what the company’s term as five-year strategic plan, is expected to meet international standards and compete globally.

Ms Simmonds said plans were far advanced to get the company listed on the Ghana Stock Exchange (GSE) whereas GDCL has also introduced non-alcoholic product, G-Lime, into the Ghanaian market.

According to her, sales revenue increased by 37.54 per cent over 2011 financial year’s figure which represented an increase from GH¢25.996 million in 2011 to GH¢35.756 million.

The Chairman of the board, Dr. Kwame Asante, in a report read on his behalf, said the company’s profit before interest and tax increased marginally, from GH¢3.002 million the previous year to GH¢3.004 million.

According to him, the marginal increase in profit was due to 500 per cent increase in costs on funding of the factory’s expansion and modernisation.

“Notwithstanding the effect of the expansion programme, the board of directors of GDCL do hereby propose a dividend of GH¢0.3 million for the year ended 2012, an increase of 20 per cent over paid 2011 financial year,” he announced.

He said: “In the face of the project and other challenges, GDCL was able to honour its tax obligation to government by paying over GH¢ 0.936 million as corporate tax and GH¢ 8,000,419.89 in Value Added Tax (VAT) and excise duties.”
Dr. Asante commended shareholders, stakeholders, the board, management and staff of GDCL for their hard work and urged them to aspire for greater heights.  By Charles Amankwa .

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