Guinness Nigeria Plc, has announced its unaudited results for its first half year ended 31st December 2022, recording a revenue N118.451 billion, representing a nine percent growth from N 109.124 billion in the corresponding period of 2021.
The results which were released to the Nigerian Exchange Group (NGX), showed that gross profit grew 16% to N42.290 billion from N36.507 billion as revenues grew by 9% ahead of the 5% increase in cost of sales, driven by inflation and the impact of Naira devaluation on imported materials in the half- year under review.
Speaking on the result, Mr. John Musunga, Managing Director/CEO, Guinness Nigeria Plc said, “In the half year ended 31st December 2022, Guinness Nigeria delivered results that reflected the continued regulatory, competitive and inflationary challenges in the operating environment in Nigeria.
“Despite lapping a strong quarter in 2021, revenue grew by 9%, benefiting from price and mix optimization, as well as reflecting resilient consumer demand and improved outlet coverage as we continue to optimize our route to consumer. “Revenue grew across most categories, driven by our strategic focus brands, Guinness, Ready-to-Serve and Spirits. Malta Guinness was flat on previous year due to the impact of increased pricing in response to the higher inflationary pressure on packaging costs”, he said
