Guinness Nigeria Releases Interim results, Reports Half Year Net Sales of N53billion
Guinness Nigeria Plc., Nigeria’s foremost consumer goods company today released its interim results for the period ended 31 December 2013. The results showed a turnover of N53 billion for the company for the period under review even as the company results appeared to be impacted by continuing softness of the beer market.
Speaking to the results, Mr. Seni Adetu, Managing Director/Chief Executive Officer, Guinness Nigeria Plc said continuing decline in discretionary income amongst other factors, have continued to affect the performance of the business in the year under review. “Our performance for the period ended 31st December 2013 has been impacted by the contraction of the beer market for most of the half and the shift towards the value segment mainly due to affordability and discretionary income trends.”
He continued, “Contributions from strategic innovations have remained strong, as we continue to invest in our sales organisation to drive increased distribution and to support long term growth. Our marketing investments behind our brands also continued as we launched a new campaign for Guinness FES and Harp.”
Mr Babatunde Savage, Chairman, Guinness Nigeria Plc, said that the Board continues to support the management in its efforts to continue to grow the business and deliver shareholder value.
“We will continue to manage our cost base tightly to deliver moderate operating margins improvement. The Board is confident that our focus on our strategic priorities will return the business back to growth and improved profitability.”
Guinness Nigeria was established in 1962 and was the first country to have a Guinness brewery built outside of the British Isles. Nigeria now represents the largest market for Guinness by Net Sales Value in the world. Products from the brewer’s stables include Guinness Foreign Extra Stout, Harp Lager Beer and Malta Guinness.