- Guinness Ghana Posts GH¢184.9m Nine-Month Profit Despite Lower Sales
Guinness Ghana Breweries PLC recorded a year-to-date profit of GH¢184.9 million for the nine months ended March 31, 2026, maintaining profitability despite lower sales and a difficult operating environment.
The brewer said net sales declined compared with the corresponding period last year, largely due to scheduled maintenance and equipment overhaul activities on its packaging lines. The company said completion of the works is expected to expand capacity and improve efficiency across production.
Revenue from contracts with customers fell to GH¢2.13 billion, from GH¢2.59 billion in the same period of 2025. Cost of sales declined to GH¢1.61 billion from GH¢1.99 billion, leaving a gross profit of GH¢515.6 million compared with GH¢594.8 million a year earlier.
Despite the lower sales base, the company said total margins improved from 23.0 per cent to 24.2 per cent, supported by cedi stability, better purchasing strategies and a focus on local raw materials. The margin improvement suggests that foreign exchange stability and local sourcing helped partly cushion the impact of weaker revenue and production disruptions.
Operating profit fell to GH¢248.7 million, from GH¢310.9 million in the prior-year period. Selling, general and administrative expenses stood at GH¢266.9 million, compared with GH¢283.9 million previously.
Profit before income tax declined to GH¢233.4 million, from GH¢288.5 million, while income tax expense fell to GH¢48.6 million, from GH¢75.6 million. Profit for the period came in at GH¢184.9 million, compared with GH¢212.9 million in 2025.
The company said operating profit for the quarter amounted to GH¢69.3 million, but performance was affected by temporary factors, including higher fixed costs during the maintenance phase, a one-off inventory write-down related to the Smirnoff Ice Guarana mixed drink following recent regulatory developments, and a change in its Enterprise Resource Planning tool.
Competition from parallel imports also weighed on performance. However, Guinness Ghana said increased focus on commercial and consumer marketing interventions helped reduce the overall impact.
On the balance sheet, total assets rose to GH¢2.12 billion, from GH¢1.79 billion a year earlier. Non-current assets increased to GH¢1.00 billion, while current assets rose to GH¢1.11 billion. Inventories increased significantly to GH¢633.6 million, from GH¢427.7 million, while trade receivables stood at GH¢243.4 million, compared with GH¢185.5 million.
Cash and bank balances also improved to GH¢226.6 million, from GH¢140.5 million in 2025. Total equity increased to GH¢908.3 million, from GH¢751.7 million, supported by retained earnings of GH¢635.5 million.
Total liabilities rose to GH¢1.21 billion, from GH¢1.04 billion, with current liabilities accounting for GH¢1.11 billion. Trade and other payables increased to GH¢864.6 million, from GH¢800.7 million, while current income tax liabilities rose to GH¢18.7 million.
Cash generated from operating activities improved sharply to GH¢304.3 million, from GH¢220.1 million, although net cash generated from operating activities stood at GH¢272.0 million, compared with GH¢190.9 million a year earlier. The company ended March with cash and cash equivalents of GH¢200.4 million, compared with GH¢295.7 million in the prior period.
For now, Guinness Ghana’s numbers suggest a business absorbing temporary operational shocks while relying on margin discipline, local sourcing and marketing interventions to protect profitability.
