Guinness Nigeria Reports N61.7B Loss Despite Revenue Growth


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 Okafor
Peter Okafor Financial Journalist | Editor | Contributor Overview: Peter Okafor is a seasoned Financial Journalist, astute Editor, and valued Contributor at Naija247news Media Group. With an unwavering passion for dissecting complex financial landscapes, Peter has become a trusted name in delivering incisive and insightful coverage of economic events, market trends, and corporate dynamics. Professional Journey Peter's journey in financial journalism has been marked by a commitment to excellence. Joining the ranks of Naija247news, he has consistently demonstrated a keen understanding of the intricate interplay between finance and the global socio-economic fabric. Expertise: Specializing in financial markets, economic analyses, and business developments, Peter Okafor has honed his expertise over the years. His ability to unravel intricate financial narratives and present them in a comprehensible manner sets him apart in the world of financial journalism. Contributions As an Editor and Contributor, Peter has played a pivotal role in shaping the narrative of Naija247news. His contributions extend to thought-provoking articles, in-depth market analyses, and coverage of key events that impact the financial landscape. Educational Background: Peter holds a degree in Journalism, complemented by specialized courses in Finance and Business Reporting. His educational foundation has provided him with the tools to navigate the intricate world of financial journalism. Innovation and Adaptability: In an era of evolving media landscapes, Peter Okafor exemplifies innovation and adaptability. Leveraging digital platforms and emerging technologies, he ensures that financial insights reach a diverse audience, fostering financial literacy and awareness. Awards and Recognition: Peter's commitment to journalistic excellence has not gone unnoticed. He has been the recipient of several awards, recognizing his outstanding contributions to the field of financial journalism. Vision for the Future: Looking ahead, Peter Okafor envisions a future where financial journalism continues to empower individuals, shape economic policies, and drive positive change. His dedication to staying at the forefront of financial news underscores his commitment to this vision. Connect with Peter Okafor: - LinkedIn: [Peter Okafor](#) - Twitter: [@PeterOkafor_N247](#) In the dynamic realm of financial journalism, Peter Okafor stands as a stalwart, combining experience, expertise, and a forward-looking vision to illuminate the path of financial understanding for a global audience.

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