Guinness Nigeria, a leading beverage alcohol company in Nigeria has posted a N5.5 billion Profit After Tax (PAT) in its full-year results released to the Nigeria Stock Exchange for the year ended 30 June 2019.
The Company earned a revenue of N131 billion and Operating Profit for the year stood at N9 billion.
Commenting on the result, the Managing Director, Guinness Nigeria Plc, Mr Baker Magunda, stated that the company would continue to work on all operating indices while expecting that the micro and macroeconomic parameters improve.
Magunda stated, “Revenue for the year declined 8% compared to the same period last year on the backdrop of an extremely challenging macroeconomic and competitive environment. The cost of the increase in excise duty at a time of stagnant consumer disposable income had to be absorbed by industry players.”
“Despite the tough competitive landscape, we continue to see good growth performance from Guinness, Spirits and the malt drinks,” Magunda further informed.
A combination of factors, inflation plus prior year royalties and accruals not approved by NOTAP, led to a 17% decline in Gross profit for the organization according to Magunda.