Finance

Guinness Nigeria reports N4 billion profit for period ended December 2022

Guinness Nigeria reports 110% increase in profit to N1.25bn

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

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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

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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.

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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.

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