Guinness Nigeria profits dip by 67.9% in Q1 2020

Guinness Nigeria Plc has released its unaudited financial statements for first quarter 2020. The financial statements demonstrate poor performance across most financial indicators. The breakdown of the report is shown below:

Gross Profit: The Brewer generated N30.8 billion in gross profit as at March 2020, compared to N31.5 billion recorded at the end of the first quarter of 2019. This represents a reduction in gross profit of 2.2%.

Operating Profit: At the end of the first quarter of March 2020, Guinness Nigeria generated N5.2 billion in operating profit, down from N7.3 billion recorded as at Q1 2019, representing a 28.8% decrease.

Profit Before Tax: As at the end of the first quarter of March 2020, the alcoholic brand recorded N2 billion as profit before tax, down from N6.2 billion recorded at the end of Q1 2019. This represents a decline of 67.9%.

Profit After Tax: Guinness recorded a profit of N1.3 billion for the first quarter of 2020, down from N4.2 billion recorded at the end of March 2019, representing a 67.9% decrease in profit after tax.

Earnings Per Share: The group recorded an Earnings Per Share of 62 kobo for Q1 2020 as against N1.94 kobo recorded as at the end of March 2019.