Month: August 2018

Guinness Nigeria finishes year on a high

BUSINESS
Guinness Nigeria Plc, said on Thursday that net profit for the full year ending on June 30 grew 249% to N6.7bn, from N1.9bn in the previous year. The company best known for its popular Guinness Foreign Extra Stout among a roster of other brands, and in more recent years has broadened its offerings to include International Premium Sprits brands (IPS), said that profit growth was helped by a 14% growth in revenue to N143bn. The firm’s Operating Profit rose by 31.4% to N13.3bn, benefiting from productivity gains. The company noted that its marketing spend increased by 18% demonstrating a sustained investment behind its brands. The company saw a 28% reduction in administrative expenses, while net finance cost declined by 54% to N3.4bn, from N7.5bn, benefiting from the N40bn rights issue it lau