Guinness Nigeria rakes in N15.27bn profit in 3 months

Guiness Nigeria, a subsidiary of Diageo Plc., has posted a Profit After Tax of N15,278,335,000 for its third quarter ended March 31, 2022.

The company in a statement issued on Thursday said the amount represented a 731 per cent growth over the same period in 2021.

Guinness Nigeria also reported a revenue of N159,444,503, which represented a 39 per cent growth over the same period last year.

“The results show an impressive performance and a significant improvement when compared to the same period last year.

“This is a testament to an unwavering commitment to meeting consumer demands as well as the company’s resilience in a challenging operating environment,” it said.

Commenting on the announcement, Mr. Baker Magunda, Managing Director, Guinness Nigeria Plc, said the company had in the first nine months of 2021, continued to grow on the back of the strong recovery in the first half of fiscal year.

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He said: “The business has delivered growth in the face of the challenging operating environment characterised by rising inflation and forex challenges in the three months ended March 31.

“Revenue grew by 39 per cent to N159.4 billion benefitting mainly from price increases across all brands, as well as from favourable brand mix and resilient consumer demand.

“We have delivered revenue growth across all key categories driven by our strategic focus brands, Malta Guinness and Guinness, as well as strong growth in local and imported spirits and the ready-to-drink category.

“This has further showed that our strategy is sound, and we are unwavering in our commitment to ensuring our long-term competitiveness in Nigeria.”

He said the released statement stated that Gross Profit grew 76 per cent in the period as revenues grew ahead of cost of sales.

 The Star