WATCH THE VIDEO HERE Shares of the indigenous company, Golden Guinea Breweries Plc, have surged by over 40% week-to-date on the Nigerian Exchange, following an impressive streak of nine positive trading days. The rally comes after Golden Guinea’s Q3 2024 results reported a nine-month revenue of N267.3 million, a significant increase from N1.4 million in the same period in 2023, primarily driven by beverage sales. Additionally, the company recorded earnings from “other income,” including N5.7 million generated from the sale of cullets (waste glass used in glass production), highlighting efforts to diversify its revenue streams. Before the release of its financial report, Golden Guinea Breweries Plc secured a major court victory in the first half of 2024, affirming its ownership of the Eagle Stout trademark after a six-year legal battle. The company was also granted an extension by NGX Regulation to meet free float requirements in September, ensuring better market liquidity and share distribution. These fundamental events have likely fueled a 60% month-to-date surge in Golden Guinea’s stock, bringing year-to-date performance to over 100%. As of mid-December, the stock has skyrocketed by over 60%, lifting its year-to-date performance to over 100%. In the first half of 2024, the Federal High Court in Port Harcourt delivered a significant legal victory to Golden Guinea Breweries Plc, ordering International Breweries Plc and Anheuser Busch InBev (AB InBev) to cease infringing on and interfering with the registered trademark of Eagle Stout. After nearly six years of legal proceedings, the court ruled in favor of Golden Guinea in early 2024, solidifying its ownership of the Eagle Stout trademark.
Golden Guinea Breweries stock jumps over 40% in a week, amid major 2024 wins
