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Guinness Nigeria posts N524 million profit in Q2 2020/21

Guinness declares N524 million profit in Q2 2020/21, 68.90% lower than 2019/20 figures.

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Guinness Nigeria, Guinness Nigeria Announces Material Circumstances That Will Impact FY 2020, Guinness Nigeria posts N524 million profit in Q2 2020/21

Guinness Nigeria Plc in its recently released quarterly filings has revealed that the company made a profit of N524.2 million in the second quarter of its accounting period 2020/21.

This is according to the information and figures contained in Companys’s interim un-audited Q2 financial statements, which was published on NSE’s website today after the close of the market.

The report revealed that the profit made by Guinness Nigeria in the second quarter of the fiscal year 2020/21, was 68.90% lower than the profit it made in the corresponding period of 2019/20, as the company’s profit after tax declined from N1.69 billion to N524.23 million.

Key Highlights

  • Revenue increased to N42.33 billion, up by 2.17% Y-o-Y.
  • Cost of sales increased to N30.75 billion, down by 4.17% Y-o-Y.
  • Gross profit decreased to N11.57 billion, down by 2.79% Y-o-Y.
  • Other income increased to 489.88 million, up by 202.28% Y-o-Y.
  • Marketing and distribution expenses decreased to N6.07 billion, down by 6.69% Y-o-Y.
  • Administrative expenses increased to N2.86 billion, up by 6.72% Y-o-Y.
  • Operating profit increased to N3.13 billion, up by 8.72% Y-o-Y.
  • Net finance costs increased to N1.52 billion, up by 164.76% Y-o-Y.
  • Tax paid for the period increased to N1.09 billion, up by 75.58% Y-o-Y.
  • Profit for the year decreased to N524.23 million, down by 68.90% Y-o-Y.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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