Guinness Nigeria released its financial results for the period ended 31 December, 2015.
The result showed that revenue declined by 10% from N55.2 billion in Q2’14 to N49.8 billion in Q2’15, the company also reduced its distribution and admin expenses by 5% from N19 billion in 2014 to N18 billion in 2015.
Profit before tax declined by 65% from N4.6 billion in Q2’14 to N1.6 billion in Q2’15, while the Profit after tax declined by 66% from N3.3 billion in Q2’14 to N1.1 billion in Q2’15.
The CEO of Guinness had stated last year after the release of the Q1 result that the company was affected by the impact of exchange rate devaluation, inflation, an increased share of value brands, together with the phasing of costs.
It will be interesting to see what reasons the CEO will give for the decline in profit in the second quarter.