For the first half of 2022 financial year, Guinness Nigeria Plc’s revenue grew by nine per cent, the company said in a statement on Saturday.
The company also revealed that its gross profit rose by 16 per cent, and a five per cent increase in the cost of sales despite the challenging business environment.
In a statement, John Musunga, the Managing Director and Chief Executive Officer of the company, said, “In the half year ended 31st December 2022, Guinness Nigeria delivered results that reflected the continued regulatory, competitive and inflationary challenges in the operating environment in Nigeria.
“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.
"Distribution expenses increased 28 per cent, driven by an increase in the price of diesel, other haulage inputs, and asset replacement cost. Despite all the above, the company delivered N12.6 billion operating profit.”
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