• Companies
  • Updated: January 26, 2024

Guiness Nigeria records over N5bn loss

Guiness Nigeria records over N5bn loss

For the year ended December 2023, Guinness Nigeria reported a loss of N5.233 billion.

This is according to the unaudited interim financial statements of the firm filed with the Nigerian Exchange Limited on Thursday.

Shareholders of the brewer protested the non-declaration of an interim dividend for the period ending June 2023 at the 73rd Annual General Meeting of the group held in Lagos.

Addressing the concerns of shareholders, the former Managing Director, John Musunga, blamed the forex harmonisation policy of the federal government for the development.

He also argued that best practices when declaring dividends required the company to have great retained earnings or post profit.

“In this situation, our retained earnings declined quite a bit because we had to service that change in FX and our profit and loss position also became adverse as we recorded N18bn in losses.

“Good practice says that if you don’t have retained earnings or declare a loss, you don’t pay dividends,” Musungu said.

At the end of 2023, Guinness Nigeria’s revenue rose by 20.38 per cent to N142.595 billion.

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