Guinness Nigeria Plc, a subsidiary of Diageo Plc, has announced its audited results for the period ended 30 June 2022; revealing 1147% increase in profit after tax to N15.561 billion from N1.255 billion in 2021; with double-digit revenue growth across all key categories, despite the challenging macro environment.
The audited results which were release to the Nigerian Exchange Group (NGX) at the financial year-end; indicated that revenue increased 29% to N206.8billion versus the prior period of 2021 which stood at N160.416 billion.
The revenue was enhanced on the back of Malta sales, brands despite inflationary pressure and slim in household wallet.
At the analysts conference, the brewer said malta brand contributed 74% growth of the revenue to N60.722 billion from N34.968 billion in 2021 while Ready to Drink (RTD) spirits-based drinks followed with 56% of the revenue with N17.627 billion from N19.719 billion in 2021.
Net financing costs decreased by 94% as a result of reduction in the net interest cost, and investments of excess naira cash in fixed deposits with banks at higher rates.