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Guinness Nigeria Posts N5.2 Billion Loss for 2023 FY

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Guinness - Investors King

Guinness Nigeria Plc, one of the leading breweries in Nigeria, has reported a N5.234 billion loss for the financial year ended December 31, 2023.

According to the company’s financial statement, revenue increased by 20.38% from N118.452 billion recorded in 2022 to N142.596 billion in 2023 while cost of sales rose by 26.91% to N96.657 billion.

Gross profit stood at N45.939 billion in the year under review, a 8.62% increase from N42.290 billion filed in 2022.

Other income grew by 62% from N954.360 billion in 2022 to N2.514 billion in 2023. Marketing and distribution expenses inched higher by 8.49% to N23.791 billion from N21.929 billion in 2022.

Administrative expenses remain largely unchanged at N8.265 billion while profit from operating activities rose to N16.397 billion, representing a 30.66% increase from N12.549 billion reported in 2022.

Similarly, finance income increased by 118% from N1.398 billion filed in 2022 to N3.055 billion in 2023.

However, finance expenses jumped 255.79% from N6.713 billion to N23.884 billion in 2023 to bolster net finance expenses to N20.829 billion.

Loss after tax stood at N5.234 billion.

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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