Guinness Nigeria declares N22bn net sales for Q1 2015
Guinness Nigeria Plc, Nigeria’s leading beverage manufacturer and a subsidiary of Diageo Plc, has announced its financial results for the first quarter ended 30 September 2015. The results showed a 3% increase in revenue year on year.
Commenting on the results, Mr. Peter Ndegwa, the company’s Managing Director/Chief Executive Officer, stated:
“In the period under review, sales continued to grow despite a challenging trading environment, being 3% ahead of the same quarter last year. Despite the sales growth, gross profit declined by 12% versus the same period last year due to the impact of exchange rate devaluation, inflation, an increased share of value brands, together with the phasing of costs.
“Marketing, distribution, administrative and other expenses at N8bn were 2% ahead of the prior year. Reported operating profit at N1.4bn is 50% below the previous year but is significantly impacted by the phasing of costs which is expected to reverse during the rest of the year.”
Guinness Nigeria was established in 1962 with Nigeria being the first country to have a Guinness brewery built outside of the British Isles. Products from the brewer’s stables include Guinness Foreign Extra Stout, Harp Lager Beer, Malta Guinness, Orijin Spirits Mixed Drink and Satzenbrau Lager.