Guinness Nigeria Posts N5.2 Billion Loss for 2023 FY

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.