Guinness Nigeria Reports N61.7B Loss Despite Revenue Growth

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Guinness Nigeria Reports After-Tax Loss Despite Revenue Growth and Price Hikes

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Guinness Nigeria faced significant financial challenges despite a 28 percent increase in revenue, reporting an after-tax loss of N61.7 billion for the nine-month period ending March 31, 2024, compared to a profit of N5.9 billion in the same period of 2023.

According to analysts from FBNQuest, the company’s third-quarter performance in 2024 was disappointing, with a loss-before-tax of N56 billion, attributed to a spike in net finance cost, primarily due to unrealized foreign exchange losses of about N32.1 billion.

Despite implementing price increases on its products in May, Guinness Nigeria’s financial situation remained strained due to rising production costs and the challenging economic environment. The price hikes, which ranged from 40 to 80 percent on various products, were driven by escalating production expenses and the need to cover operational costs.

Adebayo Alli, the managing director/CEO of Guinness Nigeria Plc, acknowledged the ongoing macroeconomic challenges but expressed confidence in the company’s resilience. He emphasized the firm’s commitment to innovation and operational excellence to adapt to evolving consumer preferences.

Guinness Nigeria intensified its focus on consumer engagement and trade support, particularly leveraging digital platforms. Revenue growth was notable in categories such as non-alcoholic malt, ready-to-serve beverages, and international premium spirits, indicating the effectiveness of these strategies.

Despite the financial setbacks, Guinness Nigeria remains determined to navigate the volatile economic landscape while maintaining its focus on delivering quality products and engaging with consumers effectively.


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Peter Okafor
Peter Okaforhttp://Naija247news.com
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