Daily Archives: October 26, 2018

Guinness Nigeria Qtr1 profit surge on lower finance charge, productivity gains

Guinness Nigeria Plc, said its profit for the first quarter (Jul – Sept) surged 1,919% to ₦836m from ₦41.3m.  The surge was as result of an 83% reduction in net finance charge to ₦436m from ₦2.6bn in the previous year, benefiting from a ₦40bn rights issue the brewing company launched in 2017.

Impact of new excise duty rate, increased competition takes shine off Nigerian Breweries sales and profits

Nigerian Breweries Plc (“NB” Plc) is feeling the impact of a new excise duty rate for alcohol that came into effect in June as the brewing company reported a net profit decline of 38% to ₦14.8bn ($40.7 million) in the 9-months to the end of September.