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Sierra Leone News:2015 was challenging for Brewery with almost Le50.billion loss

Brewery Managing Director Willie Ngana standing & Board Chairman Boudwijn HaarsmaThe Sierra Leone Brewery has held their 53rd Annual General Meeting (AGM) with shareholders of the company at their Wellington Industrial Estate in Freetown reporting the net profit declined to a loss of Le50.billion compared to a loss of Le 33.9 million in 2014.
The company has not recorded profit for the past ten years since 2006.
Chairman of the Board based in Netherlands Boudwijn Haarsma has in a statement during their annual general meeting said that their operation was negatively impacted by adverse trading condition driven by the socio-economic impact.
He said they experienced significant difficulties due to the negative impact of the state of public health emergency measures on trading, closure of bars, entertainment centers and restriction of movements coupled with high operating cost due to significant devaluation of the Leones against the US Dollar and Euro.
The company incurred a loss for the year 2015 Le 49.06 billion as compared to a loss in 2014 at Le33.76 billion and at date its total liabilities exceeded its total assets by Le74.83billion as compared to Le 24,59 billion in 2014.
Despite the challenges the Chairman of the Board said Heineken International has indicated its willingness to continue their support to the Sierra Leone Brewery limited.
The company has an asset of Le104 billion on plant and machinery and capital work in progress with replacement of machines whilst long term loan is at Le 153 billion according to the audited report.
Trade and other payables also stands at Le70.3billion which is an amount owed to companies directly related to the company.
On sales and marketing the first half of 2015 ended with a 39% decline in sales volume compared to same period in 2014 driven by supply chain challenges and economic slowdown.
IDA Caroll and Tani Pratt were re-elected Directors of the company with the same remuneration due to loss for the past ten years.
Monday July 18, 2016

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