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

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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”.

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Mayor Of Houston Texas Endorses Fidelity Bank’s Trade Expo (FITCC)

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Mayor Of Houston Texas Endorses Fidelity Bank’s Trade Expo (FITCC)

Rashidat Okunlade Writes

Fidelity Bank’s upcoming trade expo tagged, the Fidelity International Trade and Creative Connect (FITCC Houston), has received a major boost as the Mayor, City of Houston, Sylvester Turner, has termed it, “A catalyst to support bilateral trade between Nigeria and Houston; and an opportunity for the Houston community and the diaspora to explore emerging trends, forge new partnerships and unlock new possibilities”.

This was made known in a video message recently issued by the mayor. In the one-minute clip obtained by our journalist, Mayor Turner highlighted the several side attractions scheduled for FITCC Houston and encouraged businesses to take advantage of the expo to expand their businesses beyond borders.

The event is scheduled for Tuesday, 24, and Wednesday, 25th October 2023 at the George R. Brown Convention Center, 1001 Avenida de las Americas, Houston, Texas 77010. The bank will be hosting exporters, leading businesses, entrepreneurs, investors, and regulators operating in the commodity, service, creative, fashion, and FinTech sectors in Nigeria and the United States with the view of promoting Nigeria’s non-oil exports and facilitating integrations to global supply-chain networks.

Watch Mayor Turner’s video here:

https://www.instagram.com/p/CxKyXhsN9xn/

Register to attend the event at www.fitccusa.com

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eTranzact CEO Bags BusinessDay Top 25 CEOs Award

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Left-Right: Mr. Frank Aigbogun, Publisher BusinessDay presenting Mr Olaniyi Toluwalope : MD/CEO, eTranzact Plc the award recognition of the company's stellar performance on the Nigerian Stock Exchange during the Top 25 CEOs Award in Lagos.

Rashidat Okunlade Writes

Mr Olaniyi Toluwalope, Managing Director and Chief Executive Officer, eTranzact International PLC, has bagged Business Day’s Top 25 CEOs award in recognition of his company’s stellar performance on the Nigerian Stock Exchange.

Speaking during the award ceremony last weekend in Lagos, the publisher, Business Day Media Ltd., Mr. Frank Aigbogun stated that the award is more than just a recognition ceremony, but a reward for excellence, innovation, and drive for positive change.

According to the publisher, the eTranzact boss and other awardees have demonstrated extraordinary leadership, resilience and relentless pursuit of a result of success and this remarkable achievement in growing market value within the period of review stands them out as industry leaders, serving as a beacon of inspiration, admiration and respect from their peers and stakeholders alike.

“This has made us gather to celebrate your achievements, passion, and your dedication to excellence. As we recognize the countless hours of hard work, sleepless nights, and sacrifices that go into building and leading a successful business, your resilience in the face of challenges is truly commendable and it is an honour to acknowledge and celebrate your triumphs,” he concluded.

Responding after the award, Mr Olaniyi Toluwalope said the award is a testament to what they have been doing in the financial technology sector within the past 20 years.

Left-Right: Mr. Frank Aigbogun, Publisher BusinessDay presenting Mr Olaniyi Toluwalope : MD/CEO, eTranzact Plc the award recognition of the company's stellar performance on the Nigerian Stock Exchange during the Top 25 CEOs Award in Lagos.

Left-Right: Mr. Frank Aigbogun, Publisher BusinessDay presenting Mr Olaniyi Toluwalope : MD/CEO, eTranzact Plc the award recognition of the company’s stellar performance on the Nigerian Stock Exchange during the Top 25 CEOs Award in Lagos.etra

Toluwalope said: “This award means a lot to us since we began the journey of transformation as an organisation a couple of years ago.”He believed the board, the management, and the entire team have worked very hard to reimagine strategy, focusing extensively on execution capability. “We have built more partnerships, deepened our collaboration with the government, private sector, with lots of our financial service partners. The quality of products and solutions we offer coupled with the investment we have made in technology infrastructure is the outcome of all we are seeing now in terms of our improvement and top performance.”

“As one of the top fintech companies in the country, having been around for over 20 years, doing great things and setting new standards and creating pioneer products and solutions, these are the things that have created the pillars which we stand on today, which is what is creating this visibility and identification we are seeing and benefiting from,” he said. It is worth noting that, eTranzact under the leadership of Mr. Toluwalope recorded the highest-ever profitability in the 20-year history of the company in its 2022 financial year.

The company is already on the upward trajectory to build on the gains of the performance by continually providing world-class solutions and products to its discerning clients which cuts across both public and private sectors.

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FBNHoldings CEO, Nnamdi Okonkwo Bags Outstanding CEO Award

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L- R: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

…as BusinessDay honour Top 25 CEOs 

Rashidat Okunlade Writes

Nnamdi Okonkwo, Group Managing Director of FBN Holdings Plc, has bagged outstanding CEO in the just concluded Top 25 CEOs Awards organized by BusinessDay that was held at the Ballroom of the Federal Palace Hotel, Victoria Island, Lagos last Saturday.

L- R: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

Left-Right: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

In this year’s edition of the BusinessDay Top 25 CEOs, the publication recognised 25 Chief Executive Officers and Managing Directors of various listed firms on the Nigerian Stock Exchange (NGX) who experienced outstanding financial development and also made important contributions to their respective industries.

FBNHoldings team that graced the event are Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance  FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

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