Guinness Nigeria Plc has recorded N1.96 billion in profit before tax
for its first quarter ended September 30, 2014.
This represented six percent growth over N1.87 billion posted in the
same period in 2013.
Also, the gross profit for the period rose to N10.55 billion from
N10.46 billion recorded in equivalent period in 2013, while total assets stood
at N133.84 billion as against N132.33 billion posted in 2013.
There was also a
slight reduction in the cost of sales with the figure falling to N10.49 billion
from N11.95 billion recorded in first quarter in 2013.
The results also showed a marginal increase in admin expenses to N2.53
billion from N2.39 billion, largely due to the company's recent investment in
transforming its route to consumer infrastructure.
Commenting on the results, Mr Babatunde Savage, Chairman, Guinness
Nigeria Plc, said the board is optimistic of sustaining the trend for the
remainder of the financial year. "We are pleased to report a year on year
increase of six percent in our profit before tax figure.
The board is confident that this heralds a return to growth for the
company as we begin to reap the dividends from the investments that we have
made in areas like our capacity expansion and route to consumer
infrastructure."
Mr. Seni Adetu, Managing Director/Chief Executive Officer, Guinness
Nigeria Plc said "We are pleased to announce this turnaround in our
financial results. In the period under review, we have remained focused on our
strategic imperatives and this has translated into the increase in our profit
before tax.
"Our cost of sales declined by 12 percent year-on-year, YOY, with
gross profit remaining flat in the quarter. We are also reporting a
significantly higher tax number as a result of the tax incentives which was
reflected in the numbers for the first quarter of the previous year following
approval from the Nigerian Investment promotion Commission, NIPC.
This will not recur going forward. Overall, we feel positive that with
our core brands and great innovation backed by our strategic investments, we
will continue to drive both top and bottom line growth."
Guinness Nigeria was established in 1962 and was the first country to
have a Guinness brewery built outside of the British Isles. Nigeria now
represents the largest market for Guinness by Net Sales Value in the world.
Products from the brewer's stables include Guinness Foreign Extra Stout, Malta
Guinness, Harp Lager beer, SNAPP, Orijin Bitters and ready-to-drink amongst
others.
No comments:
Post a Comment