Guinness Nigeria Grows Revenue to N72bn in Six Months

Goddy Egene
Guinness Nigeria Plc, one of the leading beverage and alcohol companies in Nigeria and a subsidiary of Diageo Plc, has reported a growth of N72.351 billion for the half year ended December 31, 2020, showing an increase of 5.9 per cent compared with N68.327 billion in the corresponding of the previous year.
Cost of sale rose by 11 per cent from N48.476 billion to N53.765 billion leading to a gross profit of N18.586 billion, as against N19.852 billion in 2019.
However, with the devaluation of the naira, financing costs increased significantly by 49 per cent from N1.625 billion to N2.422 billion despite a reduction in the net interest cost on the back of better cash generation.

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