Ghana: Guinness Ghana’s quarterly sales jump 50%

Guinness Ghana Breweries PLC grew revenue by about 50 per cent in the three months to 30 September, NewsGhana calculations from its 15-month accounts show, after a weak financial year.

The brewer’s unaudited statements, approved by the board on 28 October, cover the 15 months from 1 July 2025 to 30 September 2026. Revenue for the period was GH¢3.84 billion and profit after tax was GH¢329.2 million. The comparative figures are for the 12 months to June 2025: revenue of GH¢3.60 billion and profit of GH¢334.6 million. Because the periods are different lengths, the headline comparison makes the business look bigger than it was.

The company published 12-month accounts for the year to June 2026, which the board approved on 28 July. Taking those figures away from the 15-month totals leaves the latest quarter on its own. July to September 2026 brought in about GH¢822.7 million in revenue. In the same quarter of 2025, revenue was 549,115 thousand cedis, so sales rose by roughly half. Operating profit for the quarter was about GH¢101.4 million, more than double the GH¢43.8 million a year earlier. Profit after tax almost doubled to about GH¢47.9 million.

That rebound followed a hard year. In the 12 months to June 2026, revenue dropped by 16.2% y/y to GHS 3.0bn, and profit fell by nearly 16 per cent to GH¢281.3 million. Shareholders who see the 15-month totals without that context may not realise a year of falling sales sits inside them.

The company said its earnings before interest, tax, depreciation and amortisation margin fell by three percentage points. It blamed one-off costs from the handover from Diageo to Castel and a write-off of Smirnoff Guarana stock after a new regulatory directive. The accounts do not name the regulator. In February, the Food and Drugs Authority (FDA) ordered all importers, manufacturers, and distributors of mixed drinks containing both alcohol and stimulants, including guarana, to take them off the Ghanaian market by the end of March 2026.Ghana News Subscription

Diageo sold its 80.4 per cent stake to Castel Group for US$81 million, and Diageo still owns the brands, which are brewed, produced and distributed under long-term licensing and royalty agreements with Guinness Ghana.

Malta Guinness, the company’s best-known malt drink, lost ground to parallel imports from Nigeria in the first half. Management said a five-month marketing push helped the brand recover in the second half. The company also overhauled its main packaging lines, which held back output for part of the year. It said the September quarter brought a gain in volumes.

Operating margin for the 15 months was 12.3 per cent, down from 15.4 per cent in the 2025 financial year. Cost of sales rose faster than revenue, and selling, general and administrative expenses went up by 23 per cent to GH¢496.2 million.

The balance sheet improved. Cash and bank balances more than doubled to GH¢324.3 million from GH¢140.5 million at June 2025. The company cleared a GH¢41.0 million overdraft and has no borrowings left, and finance charges fell by 35 per cent to GH¢19.9 million. Over the 15 months it spent GH¢291.5 million on property, plant and equipment, mostly on glass bottles and plant.

It also stocked up heavily. Inventories rose by 72 per cent to GH¢737.7 million, which management said was a hedge against shortages of raw materials. Money owed to related parties grew more than fourfold, from GH¢59.8 million to GH¢278.0 million. The accounts do not say which group companies these balances are with.

Shareholders received a GH¢30.1 million dividend during the period. That was the final dividend of GH¢0.098 a share for the 2025 financial year.

The board is moving the financial year end from 30 June to 31 December to match Castel’s reporting calendar. This 15-month period is the first step of that change. The statements were signed by managing director Frederic Feraille and finance director Erwan Conan.

02 November, 2026