Diageo the Parent Company of Guinness Nigeria Plc has hinted of revenue growth in Nigeria despite decline in volumes worldwide. According to its recently released 9 months Interim Management Statement, the company witnessed improved growth in Nigeria.
Share improved in Russia although net sales were down as consumer confidence declined on economic slowdown and currency weakness. There was a similar slowdown in South Africa and in Kenya Senator Keg sales saw further decline. Performance in the Africa, Eastern Europe and Turkey region was therefore weaker in the quarter, despite growth in Turkey and, more recently, improving trends in Nigeria.
Though it did not specify the quantum of growth anything short of 30% may be considered weak considering pressures on its operating margins. Guinness Plc revenue grew 35% between Q1 to September 2013 and Q2 to December 2013.
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