Despite the severe macroeconomic circumstances, Guinness Nigeria Plc reported a revenue of N229.4 billion for the fiscal year that ended on June 30, 2023.
The announcement was made at the 73rd Annual General Meeting (AGM) of Guinness Nigeria Plc on Tuesday in Lagos by Dr. Omobola Johnson, Chairperson, Board of Directors.
According to Johnson, the amount represented an increase of 11% from the N206.8 billion reported during the comparable time of 2022.
She said that throughout the time under consideration, the company had an operating profit of N23.4 billion.
She said that the organization’s solid financial performance and strategic successes were a result of the team’s commitment and diligence as well as the steadfast support of shareholders and stakeholders.
“Innovation is at the core of Guinness’ success, and we at Guinness are constantly thinking about how to best please our customers with our goods.
“We take pride in the legacies of our iconic brands as Nigeria’s leading total beverage alcohol company, and we hope to continue producing products that will ensure we retain that pride,” she added.
In spite of competition, she continued, the business would continue to work towards long-term survival and consumer satisfaction.
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The Guinness board chair addressed Nigeria’s economic woes and expressed optimism that, among other economic and fiscal measures, government remedies would help the country’s economy get back on track and raise people’s standards of living in the upcoming year.
The company’s managing director, Mr. John Musunga, stated in his remarks that the company’s organisational culture evolution allowed it to preserve flexibility and resilience for growth even during challenging circumstances.
According to Musunga, the organization’s performance was impacted by the importance it gave to operational intensity and performance, its readiness to define team solidarity with responsibility at the forefront, and its ardent belief in a multi-stakeholder approach to business.
“We are also able to implement strategic initiatives to reinforce business foundations by realigning and repositioning the brands.
“One of the key elements influencing our current performance is the productivity of our personnel; management and employees reaffirmed their commitment to ensure that we maintain that high level of production.
“We are confident that by constantly innovating, adhering to sustainable practises, upholding corporate governance, and participating in the community, we will continue to prosper.
In the next stage of the journey, he added, “We are eager to get started, and we are confident that our commitment to innovation and resilience will help us to achieve even greater success.”
Diageo has plans to increase its investment in Nigeria by creating a new Nigerian corporation that will start importing, distributing, and marketing its IPS brands (JW, Singleton, Ciroc, Baileys) in April 2024, according to the Guinness MD.
He claims that Guinness Nigeria stands to gain significantly from this, and the investment shows Diageo’s dedication to Nigeria.
We will be in a better position to concentrate on our core competencies, which include the production, marketing, and distribution of non-alcoholic beverages, beer, RTDs, and locally distilled spirits. This will improve Guinness Nigeria’s sustainability, growth, and value creation for all of its stakeholders.
The modification “would expedite our innovation in local spirits products and enable the full utilisation of Guinness Nigeria’s asset base following the increase of our production capacity in recent years as a leading overall beverage alcohol business.
“We are still committed to making the model work, and we will improve it,” Musunga said. ““The end result will be better returns on investment for our shareholders.” (NAN)
