{"id":18626,"date":"2017-10-27T16:15:07","date_gmt":"2017-10-27T15:15:07","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=18626"},"modified":"2017-10-27T16:15:07","modified_gmt":"2017-10-27T15:15:07","slug":"guinness-nigeria-grows-revenue-30-2017-q1","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/guinness-nigeria-grows-revenue-30-2017-q1\/","title":{"rendered":"Guinness Nigeria grows revenue by 30% in 2017 Q1"},"content":{"rendered":"

Guinness Nigeria Plc has posted 30 percent growth in revenue for the first quarter which ended Sept. 30, 2017.<\/p>\n

The company in a result declared on the Nigerian Stock Exchange on Friday, said that the revenue stood at N29.9 billion compared to N23.02 billion achieved in the comparative period of 2016.<\/p>\n

The company\u2019s gross profit during the period under review grew by 24 percent as against pre-tax loss profit of N2.12 billion recorded in the comparative period of 2016.<\/p>\n

It stated that the results reflected continued growth within the spirits (hot drinks) business and benefit of an expanding portfolio against the backdrop of lapping the inventory reduction in 2016.<\/p>\n

The results released to the Nigerian Stock Exchange, also saw the company\u2019s marketing expenses increase by 12 percent, indicating continued investment behind its brands, while administrative expenses were reduced by 17 percent driven by the organisation\u2019s Productivity Agenda.<\/p>\n

The company said that measures and strategies had been put in place to drive efficiency which would help position it for more sustainable growth.<\/p>\n

Commenting on the first quarter results, Mr. Peter Ndegwa, the company\u2019s Managing Director, said that expanding portfolio contributed to the increase in revenue.<\/p>\n

Ndegwa said; \u201calthough trading conditions continue to be difficult, we delivered a credible performance with a Net Sales growth of 30 percent for the quarter\u2019\u2019.<\/p>\n

\u201cThis was against the backdrop of changes in commercial footprint in 2016, as well as a benefit of an expanding portfolio.<\/p>

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\u201cWe also continued to see value from our focus on productivity in areas like sales as we empower our teams for success on the frontline as well as driving efficiency in logistics,\u2019\u2019 Ndegwa said.<\/p>\n

He added that the company would continue to expand its portfolio with the introduction of new brands.<\/p>\n

\u201cA critical part of our strategy is to expand our portfolio as we continue to innovate with the introduction of new brands and formats.<\/p>\n

\u201cOur spending on Advertising & Promotion is critical to driving growth not just for our innovation brands, but also for our core brands like Guinness and Malta Guinness,\u201d he stated.<\/p>\n

He said that the company\u2019s rights issue concluded in August was 116 percent subscribed.<\/p>\n

\u201cThe funds raised from the rights issue will be used to reduce the level of borrowings and consequently our funding cost.<\/p>\n

\u201cIn particular, we have used the funds to reduce our foreign currency loan by 60 percent which in turn will reduce the foreign currency volatility on our balance sheet,\u201d he said.<\/p>\n

NAN<\/p>\n","protected":false},"excerpt":{"rendered":"

Guinness Nigeria Plc has posted 30 percent growth in revenue for the first quarter which ended Sept. 30, 2017. The company in a result declared on the Nigerian Stock Exchange on Friday, said that the revenue stood at N29.9 billion compared to N23.02 billion achieved in the comparative period of 2016. The company\u2019s gross profit …<\/p>\n","protected":false},"author":6,"featured_media":15202,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[1570],"coauthors":[2391],"class_list":["post-18626","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-guinness-nigeria"],"yoast_head":"\nGuinness Nigeria grows revenue by 30% in 2017 Q1 - National Wire<\/title>\n<meta name=\"description\" content=\"Guinness Nigeria Plc has posted 30 percent growth in revenue for the first quarter which ended Sept. 30, 2017.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/guinness-nigeria-grows-revenue-30-2017-q1\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Guinness Nigeria grows revenue by 30% in 2017 Q1 - 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