GIHOC To Enter Major External Markets

It is also expected to explore markets in some European countries, the Board Chairman of GDCL, Mr Joseph Kobina Ade Coker, said in his address at the company�s Annual General Meeting (AGM) in Accra today. Mr Ade-Coker mentioned South Africa, Nigeria, Zimbabwe and other countries within the ECOWAS region as the targets for the company. Currently, he said, the company had registered three of its products with the National Agency of Food and Drugs Administration and Control (NAFDAC) of Nigeria. The products are Herb Afrik Gin Bitters, Madingo Bitters, and Takai. Mr Ade-Coker also announced the intention of the company to offload some of its stake to strategic Ghanaian investors in a move to make the company more financially viable to continuously carry out major expansion programmes. According to Mr Ade-Coker, the decision to float some of the company�s shares was to acquire extra capital to boost the operation of the company and also create more employment opportunities for the youth. �2015 will be one of the most strategic years for the company. Management intends to put in place measures to ensure that the company attains its maximum growth and development,� he said. Financial Performance On the company�s performance, the Managing Director of GDCL, Ms Kay Kwao-Simmonds, said despite the numerous challenges the company faced, it was able to meet its financial target. �The company achieved a turnover of GH�46.598 million as against GH�35.756 million in 2012; representing a 30.32 per cent increase,� she said. That, Ms Kwao-Simmonds said, earned the company operational income of GH�13.656 million as compared to GH�8.348 million earned in 2012, adding that the growth in the operational income was up by 46 per cent. According to her, profit for the year increased from GH�3.04 million in 2012 financial year to GH�4.749 million in the year under review. Ms Kwao-Simmonds said the company would remain focused on building a strong corporate identity and brands that were capable of withstanding competition from both local and international beverages.