Guinness of Nigeria Plc Nigeria Plc reported revenues of N30.02 billion in 2020 Q1 compared to N26.90 billion in the corresponding period of 2019.
Key highlights for 2020 Q1
- Revenues increased to N30.02 billion, +11.62% YoY.
- Revenues from Nigeria increased to N29.65 billion, +13.14% YoY
- Revenues from export decreased to N373.21 million, -46.10% YoY.
- Gross profit decreased to N7.01 billion, -11.88 YoY.
- Marketing and distribution expenses decreased to N4.63 billion, -11.10% YoY.
- Administrative expenses decreased to N2.01 billion, -7.95% YoY.
- Pre-tax loss decreased to N317.48 million, -14.29% YoY.
Guinness of Nigeria Plc recorded a boost from an increase in its Nigeria revenue-generating unit. However, revenues from the export revenue-generating unit dipped.
Companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19. However, Guinness Nigeria Plc was able to increase its total revenues. The pre-tax loss also decreased due to a reduction in marketing and distribution, as well as administrative expenses.