Tag Archives: Guinness Nigeria Plc

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.

Guinness Nigeria appoints Emmanuel Egerton-Shyngle Commercial Director

Guinness Nigeria Plc has announced the appointment of Emmanuel Egerton-Shyngle as its new Commercial Director, effective 1st November 2016. He will be taking over from Paul Costigan who will be moving into other roles within Diageo.

Peter Ndegwa, Managing Director/CEO, Guinness Nigeria Plc said: “I am really excited to have Emmanuel in this new role as he builds upon the work that Paul has started and continues the execution of our aligned commercial strategy over the coming period. I want to really thank Paul for his immense contribution to developing our sales organisation over the past two years.

Guinness Nigeria seeks increase of local content by partnering with Benue State Government

Guinness Nigeria Plc has expressed an interest in partnering with the Benue State Government to increase local sourcing of raw materials for its operations and would consider working with local farmers towards meeting that goal.