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GUINNESS NIGERIA PLC
Stocks of brewers in the Nigerian Equity space lost a total of N27.7 billion in today’s trading session.
Guinness declares N524 million profit in Q2 2020/21, 68.90% lower than 2019/20 figures.
The parent company of Guinness Nigeria Plc, Diageo Plc, disclosed that its operating profit declined by 8.3%.
In the 2021 financial year, the task before the company is to drive its strategic objectives to bring the company back to profitability.
Diageo Plc expects a sequential improvement in organic net sales and operating profit compared to the first half of fiscal 2020.
Guinness share price declined by 13.14%, since its released audited results.
The decline in Guinness' share price came amid the loss reported in the company’s financial results.
Just recently the brewery giant reported an annual pretax loss of 17.07 billion naira
Profit was impacted by a number of one-off accounting adjustments totaling N17.2b.
Guinness' financing cost rose by 97 % to N3.582 billion compared to N1.817 billion recorded in 2019.
In its recently released 9M 2020 results, Guinness reported a 5.3% y/y decline in Revenue to N96.0bn from N101.4bn in 9M 2019. On q/q basis, revenue declined 33.2% to N27.7bn in Q3 2020 (Jan – Mar 2020) from N41.4bn in Q2 2020.
Despite aggressive marketing and advertising strategies in 2019, International Breweries Plc reported a drop in revenue and a loss.