Guinness Nigeria reports 31% revenue growth over the past 12 months

Guinness Nigeria Plc reported a 31% revenue increase for the financial year ending June 30, 2024, despite a tough macroeconomic environment. The company’s revenue surged to N299.48 billion from N229.44 billion in the previous year.

Managing Director Mr. Adebayo Alli highlighted that revenue growth accelerated to 41% in the second half of the year, up from 20% in the first half. This growth was driven by an optimized product mix, innovative offerings, and targeted price increases.

Alli noted that despite the increase in revenue, the company faced a 37% rise in the cost of sales due to inflation and currency devaluation. Nevertheless, operating profit grew by 9%, supported by strong revenue performance and productivity gains.

He emphasized the company’s commitment to leveraging digital innovation and consumer engagement for continued growth. Chairman Dr. Omobola Johnson affirmed the company’s focus on adapting its strategy to ensure long-term value creation amidst economic challenges.