Guinness Nigeria
plc today announced a 23% increase in revenue for the full year ended 30
June 2017. The results, which were released to the Nigerian Stock Exchange
(NSE), also showed a gross profit of N48.3bn which is 16% higher versus the
previous year and an operating profit of N10.2bn representing an increase of
131% year on year.
Commenting on the
results, Peter Ndegwa, Managing Director/CEO, Guinness Nigeria said that the
company’s results were driven by a relentless focus on executing our strategy
and keeping costs down. “Despite the challenging economic conditions, we have
remained focused on executing our company’s total beverage strategy which
gained further traction with strong growth in our international premium spirits
portfolio following our first full year of distribution.”
In December 2015,
Guinness Nigeria Plc became the first total beverage alcohol company in Nigeria
when it acquired the rights to distribute International Premium Spirits (IPS) including
Johnnie Walker Scotch whisky and Bailey’s liqueur in Nigeria. This was quickly
followed in January 2016 by the acquisition of the rights to distribute
McDowell’s, a United Spirits Limited (USL) whisky brand.
Ndegwa also
stated that “Our gross profit of N48.3bn is as a result of volume growth,
pricing benefit and a favourable sales mix as we continued to invest in our
expanded brand portfolio during the year. Part of that investment includes the
N4.7billion spirits line for locally manufactured spirits which we commissioned
in Benin. These strategic acquisitions and expansions have filled the gaps in
the spirits brand base allowing us to compete across all categories of the
alcoholic beverage market in Nigeria. We remain committed to executing our productivity
agenda with a strong focus on cost reduction, distribution and operational
efficiencies.”
Also speaking to
the results, Mr Babatunde Savage, Chairman, Guinness Nigeria Plc, said that the
company remains committed to the Nigerian market. “It is pleasing to see that
the decisions we have taken in recent years have helped to position the company
for sustained business growth. We are grateful for the strong support that our
shareholders have afforded us over the years. With our continuing focus on
driving performance and our determination to positively impact the lives of
Nigerians. We look forward to continuing to give Nigerians a reason to
celebrate life every day and everywhere.”
0 Comments