Olufemi Adeyemi 

Guinness Nigeria Plc has announced an impressive revenue boost of 82.2% for the six months ending December 31, 2024. 

The company's revenue jumped from N142.6 billion in the first half of 2024 to N259.6 billion. 

In a statement shared with our correspondent on Saturday, the company noted that even with rising costs and inflation challenges, it achieved a gross profit of N59.01 billion, which is a 28.4% increase from N45.94 billion in the same period last year. 

On the flip side, operating profit took a hit, dropping 31.3% to N11.26 billion from N16.4 billion, mainly due to higher sales costs. 

A bright spot is that the company managed to cut its net loss by 94%, bringing it down to N302.7 million in H1’25, compared to a hefty N5.23 billion loss in H1’24. 

Omobola Johnson, the Board Chair of Guinness Nigeria Plc, commented on the results, saying, “These results highlight the strength of our strategy and our ability to adapt in an ever-evolving macroeconomic environment.

“While we faced significant headwinds, our team’s commitment and strategic initiatives enabled us to deliver substantial growth in revenue and a significant reduction in losses. We remain confident in our long-term vision to create sustainable value for all stakeholders.”

Girish Sharma, the Managing Director of Guinness Nigeria Plc, mentioned that the company's strong performance shows its commitment to overcoming economic hurdles while aiming for long-term growth.

He pointed out that the impressive 82.2 percent increase in revenue highlights the success of their product range and expansion into new markets, along with the implementation of important strategic goals.

Sharma emphasized that the company is dedicated to achieving operational excellence and engaging with stakeholders as it works to solidify its presence in Nigeria's FMCG sector.

Recently, Guinness Nigeria Plc reported a 31 percent increase in revenue compared to the previous year for the financial year ending June 30, 2024.