{"id":20989,"date":"2018-01-31T11:19:54","date_gmt":"2018-01-31T10:19:54","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=20989"},"modified":"2018-01-31T11:19:54","modified_gmt":"2018-01-31T10:19:54","slug":"half-year-2017-guinness-revenue-hits-n70-6bn-gross-profit-rises-n24bn","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/half-year-2017-guinness-revenue-hits-n70-6bn-gross-profit-rises-n24bn\/","title":{"rendered":"Half Year 2017: Guinness Revenue Hits N70.6bn \u2026As Gross Profit Rises To N24bn"},"content":{"rendered":"<ul>\n<li>Operating profit of N6.6bn, N6.7bn improvement compared to the previous year<\/li>\n<li>Marketing investment up 17% to support wider beer and spirits portfolio enabled by productivity savings<\/li>\n<li>Debt to equity ratio reduced from 82% to 2%<\/li>\n<\/ul>\n<p>Guinness Nigeria has announced its half year results for the period ended 31<sup>st<\/sup> December 2017, with cumulative revenue and gross profit rising to N70.6 billion and N24 billion respectively.<\/p>\n<p>Specifically, the company delivered revenue of N70.6 billion and gross profit of N24 billion\u00a0 representing an increase of 19 per cent and 31 per cent respectively over the same period last year.<\/p>\n<p>The results which was made available to the Nigerian Stock Exchange (NSE) for verification, Tuesday, showed topline growth driven by both spirits and beer reflecting the expansion of its portfolio, and improved operating margins with benefits from its productivity initiatives despite sustained cost pressures.<\/p>\n<p>The results also saw marketing spend increase by 17 per cent demonstrating sustained investment behind Guinness Nigeria\u2019s brands. Administrative and distribution expenses declined driven by the company\u2019s continuing focus on productivity.<\/p>\n<p>Commenting on the half year results, Peter Ndegwa, Managing Director\/CEO, Guinness Nigeria Plc said: \u201cIn a difficult operating environment notwithstanding recent signs of economic recovery, we delivered a strong performance with net sales growth of 19% for the half with growth in spirits and benefits of an expanding portfolio and also against the backdrop of lapping inventory reduction from prior year\u201d.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>\u201cWe believe in the continued execution of our strategy, allowing us to navigate a tough environment characterized by down trading of consumers as disposable income is subjected to additional pressure. We have made significant progress in driving productivity especially in the supply chain and the commercial function, even though cost pressures and inflation takes its toll.\u201d\u00a0Mr. Ndegwa added: \u201cIn this half we have also continued to innovate with increased marketing spend across our portfolio to drive the growth on our core brands and to fund our expanding portfolio and innovation pipeline.\u201d<\/p>\n<p>On successful completion of the rights issue exercise where Guinness Nigeria received approval from its shareholders to raise N40billion from existing shareholders via a rights Issue offering five (5) new shares for every eleven (11) held, at 58 naira each, Mr. Ndegwa said: \u201cThe utilization of the rights issue proceeds leading to significant reduction of the Diageo loan and other borrowings, has resulted into a 32 per cent reduction in the net finance charges and improved our debt to equity ratio from 82 per cent to per cent.\u201d<\/p>\n<p>&nbsp;<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Operating profit of N6.6bn, N6.7bn improvement compared to the previous year Marketing investment up 17% to support wider beer and spirits portfolio enabled by productivity savings Debt to equity ratio reduced from 82% to 2% Guinness Nigeria has announced its half year results for the period ended 31st December 2017, with cumulative revenue and gross &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":20990,"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":[1221,740],"coauthors":[2391],"class_list":["post-20989","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-guinness","tag-nse"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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