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

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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.