By Rukayat Moisemhe
Thank you for reading this post, don't forget to subscribe!Lagos, July 26, 2024 (NAN) – Guinness Nigeria Plc has reported a 31% revenue growth for the financial year ending June 30, 2024, despite facing a challenging macroeconomic environment.
Managing Director Adebayo Alli expressed confidence in the company’s trajectory in a statement released on Friday in Lagos. He announced that the company generated a revenue of N299.48 billion during the review period, up from N229.44 billion in the comparative period of 2023.
Alli highlighted that the company’s 31% year-on-year revenue growth accelerated to 41% in the second half of the year, up from 20% in the first half. This achievement is particularly notable given the challenging macroeconomic conditions, including declining consumer disposable income, inflation, currency devaluation, fuel subsidy removal, and food insecurity.
The company’s revenue growth was driven by an optimized category mix, innovative offerings, and targeted price increases to offset rising costs. Non-alcoholic malt, ready-to-serve beverages, and international premium categories demonstrated resilience, recording notable growth compared to the previous year.
Alli also mentioned the company’s intensified trade and consumer engagement efforts through digital platforms, activations, and captivating brand visibility.
“In spite of these accomplishments, the company faced increased cost of sales, which rose by 37% due to inflation-driven hikes in raw material prices, unprecedented utility cost increases, and currency devaluation. Nonetheless, operating profit rose by 9%, propelled by strong revenue performance and intensified productivity gains across the organization,” he stated.
Alli expressed pride in the team’s ability to deliver strong financial performance amidst significant macroeconomic headwinds. He reaffirmed the company’s commitment to transforming Guinness Nigeria with a focus on digital innovation, deeper consumer engagement, and investment in people and brands to ensure sustained growth and value creation for stakeholders.
Dr. Omobola Johnson, Chairman of the Board of Directors, echoed this sentiment, emphasizing the company’s commitment to continuously evaluating its strategy against the evolving business landscape to deliver returns to shareholders and create long-term value for all stakeholders.
“Our performance this year demonstrates the resilience and adaptability of our business in the face of economic challenges,” she said.
