Guinness Nigeria posts 82% revenue growth

Guinness Nigeria Plc has reported a revenue increase of 82.2 per cent for the six months ended December 31 2024.

The company’s revenue grew from N142.6bn in the first half of 2024 to N259.6bn.

In a statement made available to our correspondent on Saturday, the company stated that despite rising costs and inflationary pressures, it recorded a gross profit of N59.01bn, up 28.4 per cent from N45.94bn in the prior period.

However, operating profit declined by 31.3 per cent to N11.26bn from N16.4bn, due to increased cost of sales.

Notably, the company reduced its net loss by 94 per cent, narrowing it to N302.7m in H1’25, compared to a N5.23bn net loss recorded in H1’24.

Commenting on the results, the Board Chair of Guinness Nigeria Plc, Omobola Johnson, said, “These results highlight the strength of our strategy and our ability to adapt in an ever-evolving macroeconomic environment.

“While we faced significant headwinds, our team’s commitment and strategic initiatives enabled us to deliver substantial growth in revenue and a significant reduction in losses. We remain confident in our long-term vision to create sustainable value for all stakeholders.”

Also the Managing Director of Guinness Nigeria Plc, Girish Sharma, added that the company’s performance is a testament to its determination to navigate economic challenges while focusing on long-term growth.

“The 82.2 per cent revenue increase reflects the effectiveness of our portfolio and geographic expansion, and the execution of key strategic priorities,” the MD said.

Sharma noted that the organisation is committed to operational excellence, and stakeholder engagement as it continues to strengthen its position in the Nigerian FMCG sector.

The PUNCH earlier reported that  Guinness Nigeria Plc had announced a 31 per cent year-on-year revenue growth for the financial year ended June 30, 2024.