Guinness Nigeria Plc returned to profit in its latest reporting period, capping a turbulent transition year marked by a change in ownership and board overhaul.
The brewer posted a record revenue of N730.8 billion for the 18 months ended December 31, 2025, more than double the N299.5 billion recorded in the prior 12-month period, according to its audited financial statement filed with the Nigerian Exchange. Operating profit climbed 251 percent to N89.3 billion from N25.4 billion a year earlier.
Read also: Guinness Nigeria’s comeback: How Tolaram turned losses into scalable growth
Net profit came in at N41.2 billion, reversing a N54.8 billion loss previously. Net finance costs narrowed sharply to N20.9 billion from N99.1 billion, easing pressure on the bottom line.
Basic earnings per share stood at 1,879 kobo, compared with a loss per share of 2,500 kobo a year earlier. Total equity surged to N43.3 billion from N2.2 billion, lifting net assets per share to 1,978 kobo from 99 kobo.
No dividend was declared.
The numbers reflect both operational momentum and a reset in the company’s capital structure following the exit of former majority owner Diageo Plc. In 2024, Singapore-based conglomerate Tolaram, through N-Seven Nigeria Ltd., acquired Diageo’s 58 percent stake and subsequently raised its holding to 70.86 percent after a mandatory takeover offer.
Read also: Analysts see Guinness resuming dividends in 2026 after 2-year pause
The shift handed Tolaram control of one of Nigeria’s oldest brewers, founded in 1950 as an importer of stout before evolving into a full-scale manufacturer. The company now produces brands including Guinness Foreign Extra Stout, Malta Guinness, and Smirnoff Ice under long-term licensing agreements.
The latest results cover 18 months, extending beyond the traditional 12-month cycle. Even so, the scale of the rebound is notable in a market just recovering from currency devaluation, surging input costs, and weak consumer purchasing power.
Operating profit margins improved as revenue growth outpaced cost increases. Lower finance costs suggest reduced foreign-exchange losses and a lighter debt burden, a key issue that had driven prior losses.
The reporting period also saw sweeping boardroom changes. Fabian Ajogwu was appointed chairman in January 2025, succeeding Omobola Johnson. Girish Sharma took over as managing director in September 2024, while Mayank Kabra joined as finance and strategy director two months later.
Tolaram representatives, including Harkishin Aswani and Deepak Singhal, sit on the board, cementing the new owner’s influence over strategy.
Read also: Guinness targets improved product value for Nigerian consumers with new offering
For investors, the turnaround offers early evidence that the ownership transition may be stabilizing the business. Still, the absence of a dividend underscores management’s cautious stance as it consolidates gains and navigates a fragile consumer environment.
With revenue at a record high and equity rebuilt, the brewer has bought itself breathing room. The next test would be proving the recovery can endure in a market where costs remain volatile and competition is fierce.
Shares of Guinness Nigeria returned 316 percent a year ago but have lost about 9 percent year-to-date, closing trading on Tuesday, February 17, at N320, ranking it 143rd on the NGX in terms of year-to-date performance.
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