Guinness Nigeria Plc, a foremost total beverage alcohol company in Nigeria and a subsidiary of Diageo Plc., released its unaudited financial results for the nine-month period, ended, 31 March 2024, revealing both resilience and adaptability in navigating a turbulent economic landscape.delivered a commendable 28% year-on-year revenue growth, reaching ₦220.3 billion compared to ₦172.47 billion in the same period last year.
Despite grappling with soaring inflation rates, currency devaluation, and escalating food insecurity, Guinness Nigeria demonstrated remarkable resilience, leveraging proactive pricing strategies and optimised product offerings, focusing on premium categories to sustain growth momentum.The company also intensified its focus on consumer engagement and trade support, leveraging its digital platforms.
However, amidst these triumphs, challenges persisted, notably in the form of significant unrealised forex losses amounting to ₦81 billion. This was attributable to the continued devaluation of the Naira, closing the quarter at N1,351/$1. Looking ahead, the Board remains confident in the company’s well-crafted strategy. The Board is committed to continuously evaluating this strategy in response to the evolving business landscape, to deliver returns to its shareholders and create long-term value for all stakeholders.
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