Beer maker, Guinness Nigeria Plc, has released its unaudited financial reports for the period ended December 31st, 2022.
The report shows that the company realized a profit of N4.02 billion for the year from the N8.82 billion it posted in 2021.
Revenue
Period ended December 2022: N118.45 billion
Period ended December 2021: N109.12 billion
Change: +8.55%
Gross Profit
Period ended December 2022: N42.29 billion
Period ended December 2021: N36.50 billion
Change: +15.86%
Operating profit
Period ended December 2022: N12.55 billion
Period ended December 2022: N13.59 billion
Change: -7.65%
Net Finance expenses
Period ended December 2022: N5.31 billion
Period ended December 2022: N619 million
Change: +756%
Pre-tax profit
Period ended December 2022: N7.23 billion
Period ended December 2022: N12.97 million
Change: -44%
Net Profit after tax
2022 FY: N4.02 billion
2021 FY: N8.82 billion
Change: -54.42%
Earnings per share
Period ended December 2022: N184
Period ended December 2022: N403
Change: -54.34%
Bottom line: The slowdown in profits was due to the increase in the cost of sales as well as indirect expenses for the period.
According to the financial statement of the company, the disaggregation of revenue from contracts with customers from Nigeria and export is valued at N117.25 billion and N1.20 billion respectively from N108.04 billion and N1.09 billion.
