• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, January 30, 2023
Leadership News
Read in Hausa
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
  • Home
  • NewsLatest
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast
No Result
View All Result
Leadership News
No Result
View All Result
Home News

Guinness Nigeria Posts 1,147% Increase In Net Profit

by Olushola Bello
6 months ago
in News
Reading Time: 2 mins read
Guinness
Share on WhatsAppShare on FacebookShare on TwitterTelegram

Guinness Nigeria Plc has announced its audited results for the period ended June 30, 2022 revealing 1,147 per cent increase in profit after tax, with double-digit revenue growth across all key categories, despite the challenging macro environment.

 

The audited results which were released to the Nigerian Exchange Group (NGX) indicated that profit after tax moved from N1.255 billion in 2021 to N15.651 billion in 2022.

 

Guinness Guinness Guinness
ADVERTISEMENT

Revenue of the company increased by 29 per cent to N 206.822 billion from N160.416 in 2021, while gross profit up by 310 per cent to N 72.663 billion.
Also, operating profit increased by 142 per cent, while net finance charges decreased by 94 per cent year-on-year for its financial year end, June 2022.
Speaking on the results, managing director/CEO, Guinness Nigeria, Mr. Baker Magunda said: “the performance of fiscal 2022 showed that the business delivered growth despite the challenging external environment characterized by rising inflation and heightening operating costs.
“Gross profit grew 59 per cent in the year as revenues grew ahead of cost of sales. Cost of sales increased by 17 per cent; largely due to inflationary pressures, sales volume growth, Naira devaluation impacting imported materials, air-freight cost increases and a shift towards more expensive can products.”
Magunda explained that, “strong double-digit revenue growth was delivered across all key categories driven by our strategic focus brands, Malta Guinness and Guinness, as well as strong growth in local and imported spirits and the ready-to-drink category. This growth reflects the benefits of price increases taken across all categories, leading in spirits, and followed by beer, and also the benefits of favorable brand mix.”
The company, however, revealed that its marketing spend increased 50 per cent versus last year in line with its strategy to invest and support its growth priorities and the recovery of the on-trade, following the easing of Covid-19 restrictions.
“Distribution expenses increased by 36 per cent compared to last year primarily due to cost inflation on freight and diesel. The net result was a 142 per cent increase in operating profit as against prior year,” he said.
Going into the new fiscal year, Magunda said: “we are conscious of the continued challenging operating environment with double-digit inflation and pressured consumer income spending.
“However, we will continue to focus on our strategy; leveraging technology to optimize our route-to-consumer, innovating at scale to satisfy our consumers and improving cost control.”
The chair of Guinness Nigeria, Dr. Omobola Johnson assured that “the board will continue to support management in its efforts to build a business that aims to deliver growth consistently and sustainably for stakeholders.”
“We remain confident that the strategy is comprehensive and robust, and that we are making the right investments in the company to ensure our long-term competitiveness.”

Guinness Guinness Guinness
ADVERTISEMENT

RELATED

Jennifer Douglas To Inspire Women In Trade At UK Parliament

Jennifer Douglas To Inspire Women In Trade At UK Parliament

40 mins ago
Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs

Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs

47 mins ago
SendShareTweetShare
Previous Post

I’m Not APC’s Campaign DG – El-Rufai

Next Post

Unity Bank Posts N27bn Gross Earnings

Olushola Bello

Olushola Bello

YOU MAY LIKE

Jennifer Douglas To Inspire Women In Trade At UK Parliament
News

Jennifer Douglas To Inspire Women In Trade At UK Parliament

40 mins ago
Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs
News

Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs

47 mins ago
Cashless System Can Help Track Election Financing – Osinbajo
News

Cashless System Can Help Track Election Financing – Osinbajo

2 hours ago
Next Post
Unity Bank

Unity Bank Posts N27bn Gross Earnings

ADVERTISEMENT

LATEST UPDATES

Jennifer Douglas To Inspire Women In Trade At UK Parliament

Jennifer Douglas To Inspire Women In Trade At UK Parliament

January 30, 2023
Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs

Army Arrests 116 Miscreants In Lagos, Recovers Arms, Illicit Drugs

January 30, 2023
Cashless System Can Help Track Election Financing – Osinbajo

Cashless System Can Help Track Election Financing – Osinbajo

January 30, 2023
JAMB Meets On 2022/23 UTME July 21

E-mail Address Now Compulsory For UTME Registration – JAMB

January 30, 2023
JUST-IN: 3 APC Federal Lawmakers Defect To PDP In Katsina

JUST-IN: 3 APC Federal Lawmakers Defect To PDP In Katsina

January 30, 2023
Ronaldo ‘ll Return To Europe After Al Nassr Stint, Says Coach

Ronaldo ‘ll Return To Europe After Al Nassr Stint, Says Coach

January 30, 2023
Court Remands Woman For Pouring Hot Water On Co-Wife In Kwara

Court Remands Woman For Pouring Hot Water On Co-Wife In Kwara

January 30, 2023
I Connect My Music To All Walks Of Life, Says King David The Great

I Connect My Music To All Walks Of Life, Says King David The Great

January 30, 2023

© 2022 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
    • World News
    • ASUU News
  • Politics
  • Business
  • Sports
  • Health
  • Entertainment
  • Education
  • Opinion
    • Editorial
  • Columns
  • Others
    • How-to
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Podcast

© 2022 Leadership Media Group - All Rights Reserved.