Home MIXED GRILL HELP! GUINNESS’ PROFIT DECLINE CONTINUES

HELP! GUINNESS’ PROFIT DECLINE CONTINUES

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For two years now, Guinness Nigeria Plc’s profit has continued to decline, giving some shareholders and stakeholders cause to worry.

The company established since 1759 just reported a 76 percent year on year drop in the 3-months ended September 30, 2015.

Their Profit After Tax also went down from N1.485 billion in the corresponding period to N362.3 million.

Again, Profit Before Tax reduced by 74 percent – sliding from N1.963 billion to N517.5 million while Basic Earnings Per Share equally declined by 76 percent, moving from N94 to N22.

Those who know told YES INTERNATIONAL! Magazine that for now, things are not rosy for Guinness. They even attributed the exit of their last MD to the man’s inability to arrest the drift.

It would also be recalled that due to their current challenges, Guinness Nigeria Plc had notified the Nigerian Stock Exchange, NSE, sometime in September, about plans by their parent company, Diageo Plc, to inject more funds into the company a la increasing its stake to 70 percent (54.3) and hopefully shore up its fortunes once again.

Guinness Nigeria Plc boasts of some popular alcoholic and non alcoholic drinks in its portfolio. Their most popular brands however are Guinness Stout, Malta Guinness, Harp and Smirnoff.

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