Guinness records 47 per cent profit growth
Foremost brewery brand, Guinness Nigeria, a subsidiary of Diageo Plc has announced its quarterly review results for the first quarter of 2015, recording an astonishing growth of 47 per cent coupled with a 17 per cent increase on its net sales for the quarter in review.
This growth has been widely attributed to the wide acceptance of the company’s new brand, Orijin, by consumers in the Nigerian market alongside adept adverts and wide market penetrations.
Filing its reports to the Nigerian Stock Exchange on its quarterly results for three months period ended 31 March 2015, Guinness Nigeria disclosed that the company had a “17 per cent increase in sales for the quarter, year on year and a 47 per cent growth in operating profit when compared to the same period last year.”
The Managing Director/Chief Executive officer, Guinness Nigeria Plc, John O’Keeffe was quoted in the statement saying, “We recorded a strong performance in the quarter driven by the continued success of Orijinand our participation in the value segment of the market through Satzenbrau along with the improving performance of Guinness stout. As a result, we are reporting a double digit net sales growth in the period.”
Furthermore, the statement disclosed that high finance costs in a high interest rate environment negatively impacted overall profitability of the company. Despite the challenges highlighted, the company assured of continuous investment in all its brands in order to enhance their route to their customers.
Also speaking on this development, Babatunde Savage, Chairman, Guinness Nigeria Plc, remarked: “We have had an encouraging year so far and we believe that we are in a position to finish the year well in spite of the challenges of the operating environment.
“Recent changes in our management with the arrival of Soren (Lauridsen) will only further strengthen the pool of seasoned experience we have to help us implement our strategy to win in the market place.”
RECOMMENDED ARTICLES
Comment
No comments found.