• Tuesday, May 28, 2024
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Guinness Nigeria’s operating profit surged 27% to N22.2bn

Guinness Nigeria’s profit surges 27% to N22.2bn

Guinness Nigeria, a beverage alcohol company in Nigeria and a subsidiary of Diageo Plc, has recorded 27 percent growth in operating profit to N22.21 billion.

The brewer recorded 28 percent year-on-year revenue growth to N220.3 billion compared to N172.5 billion in the same period last year.

“While the current macroeconomic environment will continue to present challenges, I am confident in the resilience of our business and our ability to navigate the volatility,” Adebayo Alli, managing director/CEO of Guinness Nigeria Plc said.

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“Our focus remains steadfast on innovation, and stepping up operational excellence to meet our consumers’ evolving tastes and preferences. Led by our strategic vision that prioritise long-term sustainability and shareholder value, we are poised to emerge even stronger.

“The company intensified its focus on consumer engagement and trade support, leveraging its digital platforms. Notably, categories such as non-alcoholic malt, ready-to-serve beverages, and international premium spirits witnessed substantial revenue growth, underscoring the effectiveness of these strategies,” it said.

Guinness Nigeria stated that it recorded unrealised forex losses amounting to N81 billion. “This was attributable to the continued devaluation of the naira, closing the quarter at N1,351/$1.

“Despite this setback, recent trends suggest a reversal, with the Naira exhibiting signs of stability in recent weeks, offering a glimmer of hope for potential exchange rate gains in the last quarter of the fiscal year.

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“Looking ahead, the board remains confident in the company’s well-crafted strategy. The board is committed to continuously evaluating this strategy in response to the evolving business landscape, to deliver returns to its shareholders and create long-term value for all stakeholders,” it said.