Guinness Nigeria Plc: Increase in Nigeria sales boosts revenues

Guinness of Nigeria Plc Nigeria Plc reported revenues of N30.02 billion in 2020 Q1 compared to N26.90 billion in the corresponding period of 2019.

Key highlights for 2020 Q1

• Revenues increased to N30.02 billion, +11.62% YoY.
• Revenues from Nigeria increased to N29.65 billion, +13.14% YoY
• Revenues from export decreased to N373.21 million, -46.10% YoY.
• Gross profit decreased to N7.01 billion, -11.88 YoY.
• Marketing and distribution expenses decreased to N4.63 billion, -11.10% YoY.
• Administrative expenses decreased to N2.01 billion, -7.95% YoY.
• Pre-tax loss decreased to N317.48 million, -14.29% YoY.

Bottom Line

Guinness of Nigeria Plc recorded a boost from an increase in its Nigeria revenue-generating unit. However, revenues from the export revenue-generating unit dipped.

Companies have generally recorded decreased revenues in the last three quarters, mostly due to COVID-19. However, Guinness Nigeria Plc was able to increase its total revenues. The pre-tax loss also decreased due to a reduction in marketing and distribution, as well as administrative expenses.