Olufemi Adeyemi 


Guinness Nigeria Plc has reported a 31 percent increase in revenue year-on-year for the financial year concluding on June 30, 2024.

A statement released by the company on Tuesday highlighted that this robust performance was particularly evident in the latter half of the year, where revenue growth surged to 41 percent, compared to 20 percent in the first half.

The statement emphasized that this achievement is remarkable, considering the difficult macroeconomic conditions marked by a decrease in consumer disposable income due to record-high inflation, currency devaluation, the removal of fuel subsidies, and food insecurity. The company noted that the revenue increase was fueled by an optimized product mix, innovative offerings, and strategic price adjustments to counteract rising costs.

"Non-alcoholic malt beverages, ready-to-drink products, and international premium categories showed resilience, achieving significant growth relative to the previous year.

The company also enhanced its engagement with trade and consumers through digital platforms, promotional activities, and increased brand visibility.

Despite these successes, the company encountered a 37 percent rise in the cost of sales, driven by inflation-related increases in raw material costs, unprecedented utility expenses, and currency devaluation.

Nevertheless, operating profit increased by nine percent, supported by strong revenue performance and heightened productivity across the organization," the statement indicated.

The Managing Director of Guinness Nigeria, Adebayo Alli, has shown optimism in the company's direction, stating, "We take great pride in our team's ability to achieve such strong financial results despite significant macroeconomic challenges.

Our strategic emphasis on optimizing category mix, introducing innovative products, and making targeted price adjustments has been crucial in overcoming these obstacles and fostering growth."

Moving forward, we are dedicated to our goal of transforming Guinness Nigeria by focusing on winning in a unique way as we enter FY25. We will continue to utilize digital innovation, enhance consumer engagement, and invest in our employees and brands to ensure consistent growth and value generation for our stakeholders.

"The persistent currency devaluation presented notable hurdles, with the spot rate shifting from N759.03/$1 at the beginning of the year to N1,540/$1 at the close of the financial year.

This led to a substantial unrealized forex loss and a pre-tax loss of N73.68b. Despite these difficulties, the board maintains confidence in the company's well-thought-out strategy."

The company's chairman, Dr. Omobola Johnson, remarked, "We are unwavering in our commitment to continuously assess our strategy in light of the changing business environment to deliver returns to our shareholders and create lasting value for all stakeholders.

Our performance this year showcases the resilience and adaptability of our business in the face of economic challenges."

Guinness Nigeria is the leading Total Beverage Alcohol company in Nigeria, offering a diverse range of brands for both non-alcoholic and alcoholic beverages such as Malts, Ready-to-Drinks, Spirits, Stout, and Beers. Among its popular and highly-regarded brands are Guinness Foreign Extra Stout, Guinness Smooth, Malta Guinness, Orijin Bitters, Dubic Malt, Gordons Pink Berry, Gordons Orange Sunset, Smirnoff Ice, Smirnoff X1 Choco Vodka, Smirnoff Pine-apple Punch, and more.