Guinness Profit Depreciates By 54 Per Cent Over Business Costs
Guinness Nigeria Plc has reported a gain after tax of N4.02 billion, a 54.4 percent drop from N8.88 billion in December 2021.
The decrease in profit resulted in the rising cost of operating business in Nigeria, attributed to rising inflation which affected the company’s cost of sales and operating expenses.
This was disclosed by the company in its recently released half-year financial results for the period ending December 2022.
The company, a subsidiary of Diageo Plc disclosed the cost of sales grew by 4.9 percent to N72.2 billion in the period that ended December 2022 from N72.6 billion in the same period of 2021. This resulted in accounting for 64 percent of the total revenue reported during the period.
The total revenue reported by the company totaled N118.5 billion in the period that ended December 2022 coming from N109.1 billion in the same period of 2021, of which local and export sales amounted to N117.25 billion, and N1.2 billion respectively.
The company’s marketing and distribution expenses, however, grew from N18.83 in the period 2021 to N21.93 billion in the period that ended December 2022.
