Tag Archives: Diageo

Guinness Nigeria releases 2016 Sustainability Report; Outlines future goals

Guinness Nigeria Plc, on Wednesday released its 2016 Sustainability Report, which provides information on the company’s performance on various aspects of its operations and sets out its sustainability goals for the future.

Weak pound help Diageo post stronger first-half results

Diageo Plc reported on Thursday a better than expected half-year results, with sales rising 15% to £6.42bn from £5.61bn a year ago.

The company said that profits rose 8% to £1.51bn from last year’s £1.41bn. The spirits maker noted that a 17% drop in the value of the British pound following Brexit vote had a positive impact on earnings, adding around £850m ($1.07bn) to net sales. On organic basis (stripping out the effects of currency movement on revenue and profits), sales rose 4.4% while operating profits grew 4.4%.

Diageo mulls upping stake in Indian United Spirits

Diageo Plc is weighing raising its majority stake in Indian spirits maker United Spirits Ltd (USL), according to people familiar with the matter. USL is the maker of McDowell’s No. 1 whiskey, Signature whiskey, Romanov vodka, among other spirit brands.

Diageo is said to be considering an open offer to other shareholders in United Spirits, according to people, who do not want to be identified because the matter is private.

Diageo’s credit quality ‘stronger’ than Pernod Ricard’s, says Moody’s

Credit rating agency Moody’s said in a report published on Monday that Diageo has a “stronger credit quality” than its rival Pernod Ricard.

Moody’s based its decision on Diageo’s lower leverage, larger size and market share, which it says supports stronger credit quality and a higher rating than its French rival Pernod Ricard.

Diageo rescinds offer to up stake in Guinness Nigeria

Diageo Plc, parent company of Guinness Nigeria Plc announced on Tuesday through its wholly owned subsidiary Guinness Overseas Limited that it was withdrawing its intent to raise its equity stake in Guinness Nigeria Plc by 15.7%.

Guinness Nigeria gets lifeline loan to bridge FX shortages

Guinness Nigeria Plc, said on Wednesday that it had received a $95m loan from parent company Diageo to help bridge dollar shortages caused by a decline in crude oil prices.

The company’s chief financial officer, Ronald Plumridge disclosed this during an analyst call. He said the company’s dollar needs were far much bigger than they could source locally or through exports, so Diageo stepped in with the loan.

Guinness Nigeria appoints John O’Keeffe Vice Chairman Board of Directors

Guinness Nigeria Plc has announced the appointment of Mr. John O’Keeffe as Vice Chairman of the Board of Directors.

Mr. O’Keeffe, who is the current President of Diageo Africa and had been a Non-Executive Director of Guinness Nigeria, will take over from Mr. Nick Blazquez who resigned as Vice Chairman of the board effective 4th July 2016.

Diageo optimistic of hitting growth target in 2017 fiscal year

Drinks maker Diageo said on Wednesday it had good momentum going into 2017 fiscal year.

Ivan Menezes, the company’s CEO said “As expected, the momentum we created last year, strengthening our business through improved marketing, innovation, and commercial execution, has set us up to deliver a stronger performance. Key drivers of improved top-line growth are our fiscal 2017 priorities: Scotch, U.S. spirits and India,” Mr. Menezes said ahead of the company’s annual general meeting on Wednesday.

Kenya Breweries eyes the youth with introduction of Smirnoff Ice Electric Ginseng

Kenya Breweries Limited (KBL), a Diageo company has introduced Smirnoff Ice Electric Ginseng into the Kenyan market targeting the youths.

KBL said on Monday Smirnoff Ice Electric Ginseng will be marketed to the youth who make up 54% of the total alcohol market volume in the country. It adds that there would be a focus on male consumers who have not been drawn to existing RTDs segment.

Diageo set to reduce staffing levels to boost profits

Drinks giant Diageo, parent company of Guinness Nigeria Plc and maker of Johnnie Walker Scotch whisky, Smirnoff vodka, and Baileys Irish cream, among others is said to be putting finishing touches to a possible headcount reduction in its London home office as it looks to boost profits.