Guinness Nigeria Commits To Local Sourcing, Revenue Growth

Guinness Nigeria Plc has restated its commitment to continue exploring, sourcing opportunities locally.

Also, the Company said it will ensure its revenue remains on a steady growth path, in order to deliver value to its stakeholders.

Speaking to shareholders at the Company 73rd Annual General Meeting (AGM) held in Lagos, the chair of the Board of Directors of Guinness Nigeria, Dr. Omobola Johnson said “despite the challenges in the business environment, the Company posted an impressive performance with strong growth in all our key categories for its financial year ended June 30, 2023.”

She stated that “in 2023 full year, our Company recorded a growth of 11 per cent in Revenue from N206.8 billion in 2022 to N229.4 billion. Similarly, the business delivered N23.4 billion operating profit for the year ended June 30, 2023.”

She noted that the intense volatility in the value of the naira and the unavailability of forex in the official foreign exchange window adversely impacted the company’s financial performance in the period under review.

Johnson explained that at the heart of Guinness’ success is innovation, saying “innovation and how best to satisfy our customers with our products, are always top of mind for us at Guinness.”

She also said despite these macro-economic challenges, the Board maintains confidence in the company’s well-considered strategy, anticipating continued strong value creation for all stakeholders in the medium to long term.

She added that the business will continue to proactively realign and reposition itself with the required agility, to effectively adjust to the changing landscape of the FMCG sector in Nigeria.