Guinness Nigeria Grows Profit by 35% to N1.8bn in Nine Months
Guinness Nigeria, a subsidiary of Diageo Plc, is on the way to delivering a bounteous harvest to shareholders for the year ending June 30, 2021, given its results for the nine months to March 31, 2021.
The total beverage alcohol company, posted a revenue ofN114.956 billion, representing a growth of 20 per cent above the N96.019 billion recorded in the corresponding period of 2020. The company reported a profit before tax (PBT) of N4.463 billion, which was 123 per cent above the N2.005 billion in the corresponding period of 2020.
But profit after tax (PAT) grew slower by 35 per cent from N1.362 billion to N1.838 billion because of higher tax charge.
The company said the performance, which was a significant improvement when compared to the same period last year, was a testament to an unwavering commitment to meeting consumer demands as well as the company’s resilience in a challenging operating environment.
Managing Director/CEO, Guinness Nigeria Plc, Mr. Baker Magunda, said: “In the months ended 31 March 2021, Guinness Nigeria has delivered a growth of 54 per cent in the face of the challenging operating environment leading to a turnaround in the overall performance of the business in the nine months of our financial year so far. This stellar growth in the third quarter of our financial year is the main driver of the year to date 20 per cent revenue growth. “The growth is encouraging, however, considering varying degrees of Covid-related restrictions which remain. Growth was primarily driven by increased off-trade channels sales and at home consumption. The strong growth is also partly because of a weak third quarter of the previous financial year, when VAT increase took place and COVID lockdown commenced.”
According to him, they have delivered broad-based growth driven by double digit growth across all their focus brands and categories, which has further showed that their strategy is sound, and they are making unswerving moves to ensure their long-term competitiveness in Nigeria.
“Despite reduction in exports, Guinness delivered double digit growth in volumes and revenue with the new Guinness Smooth innovation contributing significantly to this”.