Guinness grows profit by 35%, revenue 20% in nine months — Nairalovers

Guinness Nigeria, a subsidiary of Diageo Plc, and a leading total beverage alcohol company in Nigeria has posted a revenue of N114,956,362,000 (one hundred and fourteen billion, nine hundred and fifty six million, three hundred and sixty-two thousand) for the nine months ended 31 March 2021 which represents a 20% growth over the same period last year.

The Company reported a Profit After Tax of N1,838,049,000 (one billion eight hundred and thirty-eight million and forty-nine thousand) in the period under review which represents a 35% over same period last year.

The results show an impressive performance and a significant improvement when compared to the same period last year, a testament to an unwavering commitment to meeting consumer demands as well as the company’s resilience in a challenging operating environment.

Commenting on the announcement, Mr. Baker Magunda, Managing Director/CEO, Guinness Nigeria Plc said: “In the three months ended 31 March 2021, Guinness Nigeria has delivered a growth of 54% in the face of the challenging operating environment leading to a turnaround in the overall performance of the business in the nine months of our financial year so far. This stellar growth in the third quarter of our financial year is the main driver of the year to date 20% revenue growth. The growth is encouraging however considering varying degrees of Covid-related restrictions which remain. Growth was primarily driven by increased off-trade channels sales and at home consumption. The strong growth is also partly because of a weak third quarter of the previous financial year, when VAT increase took place and COVID lockdown commenced.”

“The Management at Guinness Nigeria remains resolute in its business strategy, as well as its engagement of stakeholders across its value chain. We remain fiercely committed to having a positive impact on those around us and our consumers; and we continue to take giant strides towards keeping this commitment. We recently signed an MOU with the Federal Road Safety Corps for the adoption of our E-learning Responsible Drinking Education Module to complement the curriculum for training and testing drivers and everyone who chooses to drive on our roads as part of our efforts to champion responsible drinking.”

Mr. Babatunde Savage, Chairman of the Board of Guinness Nigeria Plc, in also commending the impressive result, said “The Board will continue to support the management to build a business that will consistently deliver growth for all our stakeholders.”

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