Guinness Nigeria Declares N841.65 Million Decline Profit After Tax in the Quarter Ended September 2020
Guinness Nigeria Plc gross profit declined slightly in the first quarter (Q1) ended September 30, 2020 to N7.01 billion, down from N7.94 billion achieved in the same period of 2019.
In the financial statements released through the Nigerian Stock Exchange (NSE), the company’s revenue rose from N26.89 billion posted in the corresponding period of 2019 to N30.02 billion in the first quarter of 2020. While the cost of sales increased from N18.95 billion in Q1 2019 to N23.01 billion in Q1 2020.
The surge in the cost of sales weighed on the company’s operating profit as it declined from N681.57 million in Q1 2019 to N586.3 million in the period under review.
The company’s net finance cost was negative at -N903.79 million due to N1.37 billion that was spent as finance cost during the period while generating finance income of N462.25 million. Still, this was better than the N1.05 billion posted in the corresponding period.
Profit before tax declined by N841.65 million during the period under review, worst than the N370.4 million decline posted in the corresponding period of 2019.
