Guinness Nigeria Plc on Tuesday reported a loss for the year ended June 30, 2016.

The document filed with the Nigerian Stock Exchange (NSE) revealed that turnover declined by 14 percent from N118.49 billion recorded in 2015 to N101.973 billion in 2016. While operating profit dropped by 72 percent from N15.667 billion to N4.415 billion.

The company ended the year with a pretax loss of N2.347 billion and loss after tax of N2 billion, making it its first full-year loss in 30 years, compared with pretax profit of N10.795 billion and profit after tax of N7.79 billion recorded in 2015.

Speaking to reporters, the Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Mr. Peter Ndegwa, said that the challenging economic environment coupled with Naira devaluation had a profound impact on Guinness Nigeria’s overall performance.

“Our performance this year was impacted by two major factors, one being the very tough economic challenges around consumer spending, driving consumer preferences towards value brands across the sector, the other, and more significant factor being the effect of foreign exchange policy and the devaluation of the Naira. When you take out the impact of the latter, our underlying performance for the year was broadly in line with the prior year in spite of the pressure on the top line.”

Speaking in the same vein, Chairman, Guinness Nigeria Plc, Mr Babatunde Savage, said: “Despite the continuing deterioration in the operating environment, the Board is pleased to note that our core brands of Guinness FES and Malta Guinness are in growth and we now have a strong participation in the growing value segment of the market through Satzenbrau and Dubic. We have also started to see early signs that our decisions to acquire the distribution rights in Nigeria to the International Premium Spirits brands of Diageo and to invest in local capacity for spirits manufacturing are the right ones for the business.”

http://investorsking.com/guinness-reports-first-annual-loss-in-30-years/

All thanks to a particular part of the South who voted in an incompetent President out of hatred for the SE/SS people.

I hope when Guinness starts sacking them to remain profitable, they won't wail.

They never saw this tsunami coming. The president doesn't even care if we all die of hunger and starvation. Leaders just keep making careless statements. We will, we are going to, we may.......

EternalTruths:
All thanks to a particular part of the South who voted in an incompetent President to out of hatred for the SE/SS people.

I hope when Guinness starts sacking them to remain profitable, they won't wail.

When the part of the South voted for the same man in 2011, it was also out of hatred for the SS?

Buhari is synonymous with bad luck


For those that'll quote me
Oya take am

It has been very challenging for companies in Nigeria due to the scarcity and high costs of forex to source for raw materials and those that cannot cope are folding up.

Lafarge recorded a 30 billion naira half-year loss in july meanwhile they made about 27 billion naira after-tax profit around the same time last year. Last month MTN recorded about $350 million half-year loss.

I'm saying it for the umpteenth time, we need a qualified and competent economic team that is focused on favorable monetary regulations, job creation and diversification of the economy.

The incompetence of the present economic team led by a lawyer is glaring for all to see even to the blind. Forex is scarce, unemployment is high, job loss and inflation is on the increase, standard of living and purchasing power is low and the economy is on the verge of extinction

In fact, Buhari and APC should 'go and die'. We are tired already!!

Na lie. Idonbilivvit

Happy recession, guinness. May God see us through.

HERO has shot down all others.

EternalTruths:
All thanks to a particular part of the South who voted in an incompetent President to out of hatred for the SE/SS people.
I hope when Guinness starts sacking them to remain profitable, they won't wail.

You no dey get sense at all. Every topic must be a tool for tribalism. You must be an ipob abi na ipod. "Attaché" people!!! Why you no talk say hatred for SE people. Tufiakwa

Same thing with 1984 ...Nigerians should look at the common denominator between 1984 and 2016 and therein lies our problem..
That denominator is not low oil prices ,it's not corruption ,it's not war. The negative denominator in both eras is just the personality Buhari .

idupaul:
Same thing with 1984 ...Nigerians should look at the common denominator between 1984 and 2016 and therein lies our problem..
That denominator is not low oil prices ,it's not corruption ,it's not war. The negative denominator in both eras is just the personality Buhari .

IThe issue here is not common denominator rather you lack common sense. Lazy folks like you won't deem it fit to consider pre -buhari '83 & '15. You've been jinxed with erroneous beliefs & your heart nutured with hate. Those elders that had done this to you & your ilks will nevet no good.
kiss tha truth!

timeman:
IThe issue here is not common denominator rather you lack common sense. Lazy folks like you won't deem it fit to consider pre -buhari '83 & '15. You've been jinxed with erroneous beliefs & your heart nutured with hate. Those elders that had done this to you & your ilks will nevet no good.
kiss tha truth!

Ask yourself how one can hate a man he vigorously campaigned and voted for? Please advise you open your mind and accept Buhari for what he is , a visionless leader armed with poor Judgement

bad luck upon bad luck

we are doom

[img]http://i./HHkwARkIjnXeU.gif[/img]

change is trully here

pxDharniel:
It has been very challenging for companies in Nigeria due to the scarcity and high costs of forex to source for raw materials and those that cannot cope are folding up.

Lafarge recorded a 30 billion naira half-year loss in july meanwhile they made about 27 billion naira after-tax profit around the same time last year. Last month MTN recorded about $350 million half-year loss.

I'm saying it for the umpteenth time, we need a qualified and competent economic team that is focused on favorable monetary regulations, job creation and diversification of the economy.

The incompetence of the present economic team led by a lawyer is glaring for all to see even to the blind. Forex is scarce, unemployment is high, job loss and inflation is on the increase, standard of living and purchasing power is low and the economy is on the verge of extinction

In fact, Buhari and APC should 'go and die'. We are tired already!!

omolola15 come and see something..Buhari does not want us to drink beer again abi?.

People will surely eat before drinking beer

.. Even Star don dey attach with Arsenal

they should reduce their prices. so that poor man can drink too.

is the recession that bad

Laugh no go kill person

People no drink again? Lol

Lobatan

abeg where my passport. time to abandon ship.

All thanks to dullard and his economic band

Trophy ti take over

probably cooked books (creative accounting) to avoid paying the FG the proper taxes. many multinational companies are well versed in the practice.

EternalTruths:
All thanks to a particular part of the South who voted in an incompetent President to out of hatred for the SE/SS people.

I hope when Guinness starts sacking them to remain profitable, they won't wail.

lol.

that is very dull of you.

GEJ was voted out due to incompetence and corruption.

Sane minds thank God GEJ and his looting team are not there when this global recession (Global Yes) started.

They would have sold the country and shared the loot.

Why won't guiness record low sale and loss, No be person way don chop go drink Stout ?

Is it not common sense ?