Guinness Nigeria records N48.3bn profit for 2017
Guinness Nigeria Plc has announced a 23% increase in revenue for the full year ended 30 June 2017. The results, which were released to the Nigerian Stock Exchange (NSE), also showed a gross profit of N48.3billion which is 16% higher versus the previous year and an operating profit of N10.2bn representing an increase of 131% year on year.
Commenting on the results, the Managing Director/CEO, Guinness Nigeria, Peter Ndegwa, said that the company’s results were driven by a relentless focus on executing our strategy and keeping costs down.
According to Ndegwa, despite the challenging economic conditions, “we have remained focused on executing our company’s total beverage strategy which gained further traction with strong growth in our international premium spirits portfolio following our first full year of distribution.”
In December 2015, Guinness Nigeria Plc became the first total beverage alcohol company in Nigeria when it acquired the rights to distribute International Premium Spirits (IPS) including Johnnie Walker Scotch whisky and Bailey’s liqueur in Nigeria. This was quickly followed in January 2016 by the acquisition of the rights to distribute McDowell’s, a United Spirits Limited (USL) whisky brand.
Ndegwa also stated that “Our gross profit of N48.3bn is as a result of volume growth, pricing benefit and a favourable sales mix as we continued to invest in our expanded brand portfolio during the year. Part of that investment includes the N4.7billion spirits line for locally manufactured spirits which we commissioned in Benin. These strategic acquisitions and expansions have filled the gaps in the spirits brand base allowing us to compete across all categories of the alcoholic beverage market in Nigeria. We remain committed to executing our productivity agenda with a strong focus on cost reduction, distribution and operational efficiencies.”
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