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Guinness Nigeria Profit Rises 21% Amid 4% Drop in Revenue Guinness Nigeria Profit Rises 21% Amid 4% Drop in Revenue

Economy

Guinness Nigeria Profit Rises 21% Amid 4% Drop in Revenue

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By Dipo Olowookere

The financial statements of Guinness Nigeria Plc, one of the leading brewery companies in the country, were released on Wednesday to the Nigerian Stock Exchange (NSE).

Highlight of the results showed that the firm declared a 4 percent drop in its revenue for the first half of its financial year ended December 31, 2018.

The revenue generated by the company in the period under review was N67.8 billion against N70.6 billion it raked a year ago.

Also, the cost of sales skyrocketed by 1.59 percent to N47.3 billion from N46.6 billion, while the gross profit fell by 14.59 percent to N20.5 billion from N24 billion.

In the same vein, the operating profit closed 29.92 percent lower than what was declared 12 months ago at N4.7 billion versus N6.7 billion.

Furthermore, the finance income closed at N691.2 million in contrast to N1.7 billion recorded in HY 2017.

However, the other income posted by Guinness Nigeria rose by 72 percent to N472.5 million from N274.7 million, while the finance costs improved to N1.5 billion from N4.8 billion.

The pre-tax declared by the firm, which recently had its factory in Aba, Abia State gutted by fire, was N3.8 billion against N3.5 billion, representing an improvement by 7.10 percent.

Similarly, the post-tax profit recorded in HY 2018 was N2.6 billion versus N2.1 billion, growing by 21.06 percent.

On its balance sheet, the total assets of the company appreciated 4.23 percent to N164.1 billion versus N157.5 billion, while the shareholders fund closed at N86.1 billion versus N82.9 billion.

However, the total liabilities finish at N78 billion in HY 2018 compared with N74.5 billion.

Dipo Olowookere is a journalist based in Nigeria that has passion for reporting business news stories. At his leisure time, he watches football and supports 3SC of Ibadan. Mr Olowookere can be reached via dipo.olowookere@businesspost.ng

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