Connect with us

Business

Guinness Nigeria Reports Another Impressive Set Of Results For End Of Quarter Three Financial 2022

Published

on

Guinness Nigeria Unveils Ultra Modern Head Office In Lagos On Friday

GUINNESS NIGERIA PLC REPORTS ANOTHER IMPRESSIVE SET OF RESULTS FOR THE END OF QUARTER THREE F’22

Olushola Okunlade Writes

…Revenue increased 39%

…Market spend increased by 68%

…Operating profit increased by 200%

…Profit After Tax increased 731%

Guinness Nigeria, a subsidiary of Diageo Plc, and the leading total beverage alcohol company in Nigeria has continued its impressive growth trajectory, posting revenue of N159,444,503 (one hundred and fifty-nine billion, four hundred and forty-four million, five hundred and three thousand) for its third-quarter period ended 31 March 2022, which represents a 39% growth over the same period last year.

The Company reported a Profit After Tax of N15,278, 335,000 (fifteen billion two hundred and seventy-eight million and three hundred and thirty-five thousand) in the period under review which represents a 731% growth over the same period last year.

The results show an impressive performance and a significant improvement when compared to the same period last year, a testament to an unwavering commitment to meeting consumer demands as well as the company’s resilience in a challenging operating environment.

Commenting on the announcement, Mr. Baker Magunda, Managing Director/CEO, Guinness Nigeria Plc said: “In the first nine months of fiscal 22, Guinness Nigeria continued to grow on the back of the strong recovery in the first half of fiscal 22. The business has delivered growth in the face of the challenging operating environment characterized by rising inflation and forex challenges in the 3 months ended 31 March 2022. Revenue grew by 39% to N159.4 billion benefitting mainly from price increases across all brands, as well as from favorable brand mix and resilient consumer demand.”

“We have delivered revenue growth across all key categories driven by our strategic focus brands, Malta Guinness and Guinness, as well as strong growth in local and imported spirits and the ready-to-drink category. This has further shown that our strategy is sound, and we are unwavering in our commitment to ensuring our long-term competitiveness in Nigeria.” Magunda said.”

The released statement stated that Gross Profit grew 76% in the period as revenues grew ahead of the cost of sales. Cost of Sales increased by 24%, largely due to inflationary pressure, sales volume growth, forex devaluation impacting imported materials, air freight cost increase, and a shift towards more expensive can products. The Company also noted that its Marketing expenses increased 68% versus last year as it increased its marketing investments.

“We increased marketing investment to support our strategic growth priorities and the recovery of the on-trade. Distribution expenses also increased by 36% driven by higher volumes, freight and diesel inflation, and extended journey time for road transportation. All of our efforts delivered an operating profit growth of 200% to N22.9 billion.” Magunda explained.

“The Management at Guinness Nigeria remains resolute in its business strategy, as well as its engagement of stakeholders across its value chain. As we enter our 72nd year of existence in Nigeria, we remain fiercely committed to Nigeria and to having a positive impact on those around us and our consumers. We launched a give-back campaign in honor of our anniversary and have delivered care packages to 72 NGOs, 72 churches, and 72 mosques in our host communities; we opened our new ultra-modern headquarters in the heart of Ogba Ikeja and we continue to take giant strides towards championing Inclusion & diversity with the extension of our women’s empowerment program tagged ‘Plan W’ to more rural communities in Owerri, Benin, and Oshogbo; and in driving responsible drinking with the nation-wide adoption of our E-learning Responsible Drinking Education Module themed “The Wrong side of the road. All of these efforts are in line with the strategy for consistent delivery of value for all stakeholders.” Magunda added.

Dr. Omobola Johnson, Board Chair of the Board of Guinness Nigeria Plc, in also commending the impressive result, said “The Board remains confident that our strategy is sound and will continue to support the Management to build a business that will consistently deliver sustainable growth for all our stakeholders”.

Continue Reading
Click to comment

Leave a Reply

Your email address will not be published.

Business

LAPO Microfinance Bank Bags ITF Award

Published

on

LAPO Microfinance Bank Bags ITF Award

LAPO MfB Bags ITF Award

Olushola Okunlade Writes

LAPO Microfinance Bank Limited (LAPO MfB) emerges as the Industrial Training Fund (ITF) “Best Organization in training contributions” among other organizations in Edo State, Nigeria.

The award is in recognition of LAPO MfB’s prompt and consistent contributions to the ITF in 2021; an implicit indication of the microfinance bank’s unwavering support for human capital development.

In a press release, Barr. Faith Osazuwa-Ojo, Executive Director, Operations, representing Cynthia Ikponmwosa, Managing Director, LAPO MfB stated,  “The Management of LAPO MfB is delighted to receive this award from the ITF. The microfinance bank place premium on its people, this is reflective in the quality and value of investments made in Learning & Development. In the last decade, (2012-2021) over Four Billion Naira was expended on staff training.

LAPO Microfinance Bank Bags ITF Award
Left-Right: Amen Akenbor, Head HR, LAPO Microfinance Bank, Sir Joseph Ntung Ari, CEO, ITF, and Faith Osasuwa-Ojo, Executive Director, Operations, LAPO Microfinance Bank Limited.

The Tertiary Education Trust Funds (TETFUND) equally recognized LAPO Microfinance Bank as “The Most Supportive Bank” in 2021, a testament to the bank’s commitment to the development of the Education sector and human capital development.

LAPO Microfinance Bank Limited shall continue to invest in the development of its workforce and seek meaningful partnerships in furtherance of its vision of providing learning and developmental opportunities to Nigerians.

Continue Reading

Business

Stanbic IBTC LATTES; Women Should Be Identify With Goals, And Achieving That Goals -David Borha

Published

on

Stanbic IBTC LATTES 2022 Edition

…Stanbic IBTC LATTES 2.0 – Rising Above Bias

…Women Should Not Be Too Dismissive – Sola David-Borha

Olushola Okunlade Writes

To reiterate its unwavering commitment to ensuring that women have all the support required to be the best version of themselves, Stanbic IBTC on Wednesday, May 18th, 2022 held a webinar aimed at encouraging women to excel in their careers and improving their social media presence in Nigeria.

The Stanbic IBTC Ladies At The Table Empowerment Series (LATTES) 2022 edition of the Ladies at the Table Empowerment Series (LATTES), themed ‘Rising above bias – excelling in your career and improving your social media presence was hosted by Ayo Mairo-Ese with the motive to inspire women to achieve their set goals.

Stanbic IBTC LATTES 2022 Edition
Bunmi Dayo Olagunju
Stanbic IBTC LATTES 2022 Edition
Stanbic IBTC Bank Plc Chairman, Mrs. Sola David Borha

Bunmi Dayo Olagunju in her opening remarks stated that Stanbic IBTC has adopted the theme for March 8 international women’s day ‘Break The Bias’ for today’s round table discussion, she said the reason is to the call for women’s opportunity is mostly around gender equality.

Stanbic IBTC Bank Plc Chairman, Mrs. Sola David Borha enlightened women by quoting Maya Angelou “Courage allows successful women fail and learn powerful lessons from failure so that in the end she didn’t fail at all’ across boards to embrace corporate governance and subject themselves to their organization’s policies in other to rise above bias in today’s world.

She stated that women must be respectful to whoever they are associating with either low class or high class, with the theme; “Rising Above Bias: Excelling in Career and Improving Your Personal Brand,” where she noted that when fear is conquered one rises above bias both in the private and public sector.

Sola David-Borha advised women to invest in any opportunity they have while continuing to engage all stakeholders and thinking about other people by using their position or office to intervene in other people’s lives.

According to her, women must learn to embrace tasks irrespective of their competence or skill by deliberating and accepting challenges in whatever professions they find themselves in. She maintained that her previous experiences pushed her to accept a role that would have literally passed her.

Click to watch the video https://www.youtube.com/embed/T50ny9yMgDM?feature=oembed

Stanbic IBTC LATTES 2022 Edition
Stanbic IBTC LATTES 2022 Edition

Stanbic IBTC LATTES 2022 Edition
Stanbic IBTC Bank Plc Chairman, Mrs. Sola David Borha

Continue Reading

Business

Industrial Growth: Dangote Tasks States On Investments Enablers

Published

on

World Water Day: Dangote, Others Make Case For GroundWater Protection

INDUSTRIAL GROWTH: DANGOTE TASKS STATES ON INVESTMENTS ENABLERS

Olushola Okunlade Writes

President of the Dangote Group, Aliko Dangote has challenged state governments to consider as the topmost priority, the provision of enabling environment for investments as a potent means of attracting private sector operators to their state for investments.

The business mogul who was speaking on the sideline during the recently concluded Nasarawa economic summit in Lafia said there is no state in Nigeria that is not blessed with resources that could serve as the potential for industrial growth.

What the states should do, according to him, is to look inward and put in place economic policies that guarantee an environment that would be conducive for investments in the available resources in the states.

“When states provide enabling environment, it will incentivize the private sector to invest and it will be a win-win situation for both the state and the private sector”, he explained.

Dangote recalled how the enabling environment in Lagos had motivated private sector operators to move into the Lekki Free Trade Zone, Lagos to establish companies that are now adding value not only to the economy of the state but also to Nigeria in general.

In the same vein, he stated that such is the enabling environment situation in Nasarawa that made his Dangote Sugar Plc invest in multi-million dollar sugar business in the state.

Dangote reiterated his position earlier while speaking during the opening of the summit that various economic policies including the land reform put in place by the Nasarawa state government were necessary requirements for a state that is committed to promoting enabling socio-economic development, as well as improving the quality of lives of their citizenry.

Dangote commended the state governor Engr. Abdullahi Sule for providing the necessary enablers for the investment summit to achieve its goals. Such enablers, he said include, providing committed and focused leadership and a well-thought-out institutional framework that enables the creation of a sustainable conducive business and investment climate.

Dangote equally pointed out that it was not enough to develop a credible, comprehensive plan that identifies investment opportunities and projects but to back these up with supportive public policies and regulations that make these investment opportunities competitive.

“Here is the good news, I can say with confidence that Nasarawa State has in place all the three requirements that promise to guarantee the attainment of the goals of this summit.

“First, I can say, with all humility, that the state has the lead with the vision and commitment to achieve it,” he said while describing the Nasarawa governor, Engr. Abdullahi Sule was one of the visionary leaders that made the success of the Dangote Group possible.

“As the GMD then of Dangote Sugar Plc, he has proven this by positioning Dangote Sugar in the top tier of stock in the Nigerian Stock Exchange as the leading sugar company in Nigeria and also Africa,” Dangote stated.

Also speaking, former president of Ghana, John Dramani Mahama, in his keynote address shared some key thoughts on how Nasarawa State can proceed, with the benefit of hindsight, with its investment plan and implementation milestones.

Continue Reading

Trending