Nigeria:  Guinness Pledges To Local Sourcing, Revenue Growth

Guinness Nigeria Plc reaffirms its dedication to actively seek and seize local sourcing opportunities. Additionally, the company is determined to maintain consistent revenue growth to provide value to its stakeholders.

Speaking to shareholders at the Company 73rd Annual General Meeting (AGM) held in Lagos, the chair of the Board of Directors of Guinness Nigeria, Dr. Omobola Johnson said “despite the challenges in the business environment, the Company posted an impressive performance with strong growth in all our key categories for its financial year ended June 30, 2023.”

She stated that “in 2023 full year, our Company recorded a growth of 11 per cent in Revenue from N206.8 billion in 2022 to N229.4 billion. Similarly, the business delivered N23.4 billion operating profit for the year ended June 30, 2023.”

She noted that the intense volatility in the value of the naira and the unavailability of forex in the official foreign exchange window adversely impacted the company’s financial performance in the period under review.

Johnson explained that at the heart of Guinness’ success is innovation, saying “innovation and how best to satisfy our customers with our products, are always top of mind for us at Guinness.”

She expressed that despite the prevailing macro-economic challenges, the Board maintains confidence in the company’s thoughtful strategy and anticipates ongoing strong value creation for all stakeholders in the medium to long term.

She also emphasized that the business would maintain a proactive approach to realign and adapt with the necessary agility to effectively respond to the evolving landscape of the FMCG sector in Nigeria.