Gain after tax for Guinness Nigeria Plc was N4.02 billion, down from N8.88 billion in December 2021 by 54.4 percent.
Rising inflation, which had an impact on the company’s cost of sales and operational expenses, was the cause of the decline in profit and the rising cost of doing business in Nigeria.
In its most recent release of its half-year financial statements for the period ended December 2022, the company made this disclosure.
The company, a Diageo Plc subsidiary, reported that cost of sales increased by 4.9% to N72.2 billion in the quarter that ended in December 2022 from N72.6 billion in the comparable quarter in 2021. As a result, this accounted for 64% of all revenue reported for the time period.
Wow!: Prince Becomes Latest Guiness Nigeria Ambassador (Video)
The total revenue reported by the company totalled to 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 of 2021 to N21.93 billion in the period that ended December 2022.
Follow us on Facebook
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.