By Nkiruka Nnorom
Guinness Nigeria plc has announced 23 per cent growth in revenue to N125 billion for the full year ended 30 June 2017. The results, released to the Nigerian Stock Exchange, NSE, also showed a gross profit of N48.3 billion which is 16 per cent higher compared to the previous year and an operating profit of N10.2 billion, representing an increase of 131 per cent 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 the company’s 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.”
Ndegwa also stated that: “Our gross profit of N48.3 billion 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.”