Accra Brewery Limited (ABL) made a net profit of 1.2 billion cedis in the year ending March 31 as against one billion cedis the previous year, an increase of 20 per cent.

Turnover also rose from 40 billion cedis to 60 billion cedis for the same period.

Mr Joseph Kwesi Agyemang, Chairman of the Board of Directors of the company, announced these at the company's 26th annual general meeting (AGM) in Accra at the weekend.

He said the trying economic conditions created an extremely challenging operational environment for manufacturing companies making it difficult for them to retain profitability.

The Board Chairman said this year, shareholders were asked to invest in the company by way of Right Issue to reduce borrowing.

"It would be imprudent for your Directors to propose a dividend", he said.

However, a Script Issue in the form of one share for every one held was recommended for the shareholders.

Mr Agyemang expressed the hope that the company would be able to deliver growth and improve results.