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Guinness Nigeria Plc has recorded a 39% increase in revenue to N159.4 billion in its third quarter ended March 31st, 2022 from N114.96 in the same period of 2021.
The company disclosed this in its unaudited financial statements for the period ended 31 March 2022 sent to the Nigerian Exchange Limited, NGX .
The results showed that the Company recorded 76% growth in gross profit in the period as revenues grew ahead of cost of sales. Cost of Sales increased by 24%, largely due to inflationary pressure, sales volume growth, forex devaluation impacting imported materials, air freight cost increase and a shift towards more expensive can products.
Commenting on the results, Mr. Baker Magunda, Managing Director/CEO, Guinness Nigeria Plc said: “In the first nine months of fiscal 2022, Guinness Nigeria continued to grow on the back of the strong recovery in the first half of fiscal 22. The business has delivered growth in the face of the challenging operating environment characterised by rising inflation and forex challenges in the three months ended 31 March 2022. Revenue grew by 39% to N159.4 billion benefitting mainly from price increases across all brands, as well as from favourable brand mix and resilient consumer demand.”
“We have delivered revenue growth across all key categories driven by our strategic focus brands, Malta Guinness and Guinness, as well as strong growth in local and imported spirits and the ready-to-drink category. This has further shown that our strategy is sound, and we are unwavering in our commitment to ensuring our long-term competitiveness in Nigeria.” Magunda said.
