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.

The company said that revenue declined by 6.05% to ₦28bn from ₦29.9bn in the preceding year.

While commenting on the company’s full year results in August, Guinness Nigeria’s new Managing Director, Baker Magunda, said that the company will continue to focus on the three strategic pillars of productivity, expansion of the company’s portfolio, as well as the execution of the commercial footprint initiative to drive the business forward.

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