Guinness Nigeria Plc’s revenue for the first half of the 2022 financial year grew by nine per cent, the company said in a statement on Saturday.
Guinness also said its gross profit rose by 16 per cent, and a five per cent increase in the cost of sales despite the challenging business environment driven by inflation and the impact of naira devaluation on imported materials in the period under review.
“The period was characterised by challenges such as escalating inflation, dwindling consumer disposable income, and a worsening foreign exchange situation. Despite these challenges, the business recorded good progress against our strategic focus brands. “Revenue grew across most categories, driven by our strategic focus brands, Guinness, Ready-to-Serve, and Spirits. Malta Guinness was flat on the previous year due to the impact of increased pricing in response to the higher inflationary pressure on packaging costs.”He added that, “Marketing expenses increased seven per cent, as we increased marketing investment to support our strategic growth priorities and target market share improvement.
Musunga noted that the continued devaluation of the naira resulted in a 758 per cent increase in net financing costs, due to the revaluation of the hard currency debt.
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