Nigeria: Guinness Nigeria’s full-year profit drops by N1.24 bln

Guinness Nigeria has recorded N5.48 billion as profit after tax in the 2019 financial year, the Daily Trust reported on October 23.

The company’s Annual Report and Financial Statement for the year ended June 30, 2019 showed that its profit dropped by N1.24 billion compared with N6.72 billion recorded in 2018.

The company’s profit before taxation dipped from N9.94 billion recorded in 2018 to N7.10 billion in 2019.

Analysis of the report showed that the company recorded gross profit of N40.13 billion in 2019, comprising N131.49 billion worth of revenue and N91.37 billion being cost of sales.

As a comparison, the company recorded N48.63 billion in 2018, comprising N142.98 billion as revenue and N94.35 billion as cost of sales.

The shareholders approved the disbursement of N3.33 billion as dividend in 2019, down from N4.03 billion recorded in 2018.

Speaking on the performance of the company in 2019, the board chairman, Babatunde Savage, said it remained profitable despite harsh economic realities within the financial year.

“Businesses in Nigeria continue to be impacted by poor multiple taxation and high interest rates while the society battles with high unemployment rates, corruption and insecurity,” he said.

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