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GIHOC Distilleries makes GH¢4.7m profit in 2013 – MD

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GIHOCThe Managing Director of GIHOC Distilleries Company Limited says the company made a profit before tax of GH₵4.749 million for the 2013 financial.

The Deputy Minister of Trade and Industry, Mr Kweku Ricketts Hagan, commended the management of the company for its efforts at growing and developing the company.

GIHOC is the only surviving unit under the erstwhile Ghana Industrial Holding Company conglomerate, which was registered as a private limited liability company.

Mr Hagan made the commendation during a familiarisation visit to the company to embrace himself with their operations.

He said the visit was also to understand the company more, their challenges and measures to resolve them.

The Deputy Minister said the company was looking for a strategic pattern to work with government to expand it, preferably its local partners.

He was of the view that the partners would not only inject capital and equipment but also have enterprise in areas of marketing and network distribution.

“We want to expand and grow the company to provide more jobs to the people,” he added.

He called on the public to patronise Made-in-Ghana goods and services to help local companies to expand and contribute to the development of the economy.

Ms Kay Kwao Simmonds, Managing Director, GIHOC Distilleries, said the new board on assumption of office spearheaded management efforts to complete the final phase of the five-year strategic plan.

She said it was envisaged that the expansion and modernisation project would be completed by the end of the 2015 financial year.

The Managing Director said the company made a profit before tax of GH₵4.749 million for the 2013 financial year and paid a dividend of GH₵300,000 on the 2012 operating profit.

“The dividend payment is made despite need for investible funds to complete on-going projects under the reviewed plan,” she said.

The Deputy Minister was conducted round the warehouse, production area, packaging, loading and storage areas.

Source: GNA

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