By Nkiruka Nnorom
Guinness Nigeria Plc has announced revenue growth of 29 percent, to N89.9 billion, in its third quarter ended September 30, up from N69.6 billion in 2016.
Consequently, the company’s gross profit grew to N32.2 billion, compared to N30.3 billion in Q3, 2016, representing six percent growth.
While the first half volume growth continued in the third quarter, the third quarter also benefited, against a weak third quarter last year.
Cost of sales increased by 47 percent in the nine months period due to the challenging economic environment, as finance costs also increased significantly against last year’s.
As a result, the financial statement released on the Nigerian Stock Exchange, NSE, included a company loss after tax of N2.6 billion for the nine months under consideration.
Commenting on the results, Mr. Peter Ndegwa, Managing Director/CEO, noted that the company’s significant revenue growth was striking in the challenging operating environment.
He said: “We have been able to deliver strong sales growth even in a challenging operating environment marked by a significant erosion of con-sumer disposable income.”