Guinness Nigeria issued a notification of material circumstances, warning of the adverse effect of the COVID-19 lockdown on economic activity. It has particularly noted the impact on the on-trade sector.
You can view Guinness Nigeria’s notification of material circumstances here.
Guinness Nigeria has seen production and revenues negatively affected by COVID-19 in Nigeria. The company expects profitability for the Financial Year to 30th June 2020 to be impacted but confirms that its balance sheet is strong.
Guinness Nigeria reported revenues of N96.1bn ($247.95m) for the nine months ended March 31, 2020, a decrease of 5.3% compared to N101.40bn ($261.68) recorded during the same period in FY2019. Over the same period, financing costs shot up by 97% to N3.58bn ($9.2m), dragging profits down by 60%.
In addition, financing costs rose by 97% to N3.582 billion compared to N1.817 billion recorded in 2019. Guinness Nigeria PLC ended the period with a profit after tax of N1.672 billion, plunging by 60% from N4.252 billion recorded in 2019