Tag Archives: Guinness Nigeria Plc

Guinness Nigeria refutes Pharma Deko’s debt claims

Guinness Nigeria Plc, in a statement released to the media on Friday said it had responded to a court process initiated by Pharma Deko Plc, a pharmaceutical company, which alleges that the brewer owes it N176m representing an arbitral court award made against the company and in favour of Pharma Deko. The suit also suggests that Guinness Nigeria is unable to pay the debt.

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.

FX losses dampen Guinness Nigeria’s revenue growth

Guinness Nigeria Plc, reported its first-half results (6-months) on Thursday, for the period ending 31 December 2016.

The brewer of Foreign Extra Stout, Malta Guinness, among others posted a strong 19% revenue growth in the period under review to N59bn, from N50bn it recorded in the same period a year ago.

However, the company’s strong first-half showing was dampened by unrealized foreign exchange losses which drove up net finance cost by 166% to N4.6bn, from N1.2bn in the previous year. The resultant effect was a net loss of N4.67bn. In the same period a year ago, Guinness Nigeria posted a positive N1.2bn in profit.

Guinness Nigeria seeks N40bn rights issue to pay down debts

Guinness Nigeria Plc said it plans to hold an Extraordinary General Meeting (EGM) of its shareholders in Lagos on January 24th 2017 to approve resolutions for a N40bn rights issue.

According to a statement released by the company, it believes the rights issue will allow it optimize its balance sheet, while improving its financial and operational flexibility.

Guinness Nigeria, FRSC flag-off Responsible Drinking Campaign

Guinness Nigeria Plc and the Federal Roads Safety Corps (FRSC) have kicked-off their annual ember months ‘Responsible Drinking Campaign’, counseling consumers against drink driving.

Fourth Quarter will be just as tough for Nigerian Consumer Firms – Analysts

Some of Nigeria’s biggest companies suffered losses in the third quarter as the naira continued to depreciate against major world currencies and with inflation spiking to 18.3% as of October, amid a drop in consumer spending and foreign currency scarcity.

Guinness Nigeria unveils new spirits production line in Benin City

Guinness Nigeria Plc, on Tuesday commissioned a new spirits production line in its Benin City facility. The new line, which is valued at £12m (N4.8bn), will enable the company to produce previously imported spirits locally.

Speaking at the unveiling of the new line, the Chairman of the Board of Guinness Nigeria Plc, Mr. Babatunde Savage, disclosed that the company had a long history in Nigeria and in Benin since it built its brewery in 1974. He noted that the production line, with a design capacity of 1.2m cases and the first of its kind in Nigeria, would offer a wider opportunity to provide quality products for its numerous customers.

How brewers are selling beer with folklore

As Nigeria’s recession deepens and consumers pockets are squeezed, majority of those still drinking have shifted their beer preferences to value or low cost brands.

Nigerian Breweries Plc, the country’s leading brewer recently re-launched Goldberg Lager, one of its low cost brands as “Your Excellency” in a new credential campaign.

Guinness Nigeria partners NYSC to promote responsible drinking among youths

Guinness Nigeria Plc has stepped up its commitment to responsible drinking behavior among consumers by partnering with the National Youth Service corps (NYSC) to deliver its innovative and trailblazing DRINKIQ training sessions to officials and corp members. The brewer hopes to spread the responsible drinking message across the country.

Guinness Nigeria losses worsen despite revenue growth

Guinness Nigeria Plc on Friday reported a net loss of N2.2bn in its first quarter results ending 30th September, further worsening its financial condition. The brewer which has been hard hit by the recession cited higher input costs, unfavourable currency translations with regards to Naira devaluation and unavailability, and a weak consumer spending which has shifted its preference towards value brands.