Guinness Nigeria reports N730.8 billion in sales over 18-month period

Business

LAGOS, Nigeria — April 17, 2026 (Agency Report) — Guinness Nigeria Plc reported a 144% increase in sales to N730.8 billion for an 18-month financial period ending December 2025, following a change in its financial year-end.

The company adjusted its reporting cycle from June to December, resulting in financial statements covering July 2024 through December 2025.

Chairman Prof. Fabian Ajogwu disclosed the results at the company’s 75th Annual General Meeting in Lagos.

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Sales rose from N299.5 billion in the previous comparable period to N730.8 billion, driven by an optimized product mix, new product innovations and calibrated price adjustments aimed at mitigating inflationary and cost pressures, Ajogwu said.

All product categories recorded resilient performance during the period, with Ready-to-Drink beverages delivering particularly strong growth.

Gross profit increased by 152%, reflecting improved cost management and pricing strategies, while operating profit rose by 251%, supported by tighter cost controls and more efficient marketing investments.

The company posted a net profit of N41.16 billion for the 18-month period, reversing a loss of N54.77 billion recorded in the 12 months to June 2024.

Operating profit climbed to N89.27 billion from N25.41 billion a year earlier, while profit before tax stood at N68.39 billion, compared with a pre-tax loss of N73.68 billion in the previous period.

After accounting for an income tax expense of N27.23 billion, net profit totaled N41.16 billion. Total comprehensive income also improved to N41.16 billion, compared with a comprehensive loss of N54.77 billion in the prior year.

Shareholders at the meeting approved the appointment of Mayank Kabra as Executive Director, alongside Bola Adesola and Olusola Oworu as Non-Executive Directors.

In separate remarks, shareholder representatives commended the company’s governance structure and performance.

Adetutu Shiyanbola, chairperson of the Highly Favoured Shareholders Association of Nigeria, praised the company for maintaining gender balance on its board.

Sunny Nwosu, national coordinator of the Independent Shareholders Association of Nigeria, urged the company to strengthen support for elderly shareholders beyond dividend payments.

Capital market analyst Nornah Awoh advised the company to consider adopting both interim and final dividend payments to enhance shareholder value, while exploring export opportunities to diversify revenue streams.