The Chairman of
Speaking at the 70th AGM, Savage said year 2020 was a very challenging year not only for the company but for the manufacturing sector at large.
"But as a forward-looking company, we were still able to minimize our risk exposures and maintain a sustainable performance on all our alcoholic and non-alcoholic beverages portfolio.
According to him, the task before the company in the new financial year is to drive its strategic objectives to bring the company back into profitability.
Savage affirmed that despite predictions that the coming year is forecast to be challenging globally due to the new normal, "we believe we have experienced our full share of the impact and are now geared to go back to profitability."
Also speaking, the Managing Director,
Despite the fact that demand was also gravely impacted by reduced consumer income, unemployment concerns due to the shutdown of a large number of businesses, and increases of value added tax (VAT) and excise throughout the year, Magunda assured that the company's reaction to the challenges presented by the COVID-19 lockdown in fourth quarter (Q4) was centered around reducing risk to the business by focusing on cash delivery, reducing distributor inventories, and fast-tracking the ongoing distribution transformation project for efficient sales operations.
"The year under review witnessed the launch of Guinness Smooth; an exciting new variant of the Guinness products to expand profitability for the brand, while catering to a younger, vibrant demographic," he said.
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