Enterprise Television- Guinness Rebounds to Profitability, Records N3.54bn PBT in H1
Guinness Nigeria Plc has returned to profitability in its half year ended December 31, 2017 with N3.54 billion profit before tax, PBT, representing 175.9 percent increase compared to N4.66 billion loss after tax in 2016.
The results released to the Nigerian Stock Exchange, NSE, also saw revenue increase to N70.6 billion during the period from N59.49 billion, representing 19 percent increase, while the gross profit was up 31 percent to N23.99 billion from N18.37 billion in the six months period in 2016.
According to the company, the topline growth was driven by both spirits and beer reflecting the expansion of the company’s portfolio, and improved operating margins with benefits from productivity initiatives despite sustained cost pressures.
Commenting on the results, Peter Ndegwa, Managing Director/CEO, Guinness Nigeria Plc said: we delivered a strong performance with net sales growth of 19 percent for the half year with growth in spirits and benefits of an expanding portfolio and also against the backdrop of lapping inventory reduction from prior year”.
He also added that they 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.