Guinness Nigeria Reports 144% Revenue Growth Amid Changes

At the 75th Annual General Meeting held in Lagos, Prof. Fabian Ajogwu, Chairman of Guinness Nigeria Plc, announced the company's strategy to fortify its market position for the benefit of stakeholders. Following Tolaram's acquisition of a major shareholding, increasing its stake to 70.86% effective October 12, 2024, the company reported a 144% revenue increase to ₦730.80 billion over an 18-month financial period.

This growth is attributed to an optimized product mix and strategic pricing adjustments to counter inflationary pressures. The company also reported a net profit of ₦41.16 billion, a significant recovery from a loss of ₦54.77 billion in the previous period.

New appointments to the board include Mr. Mayank Kabra as Executive Director and Mr. Bola Adesola and Mr. Olusola Oworu as Non-Executive Directors. Stakeholders commended the board for maintaining gender balance and urged prioritization of the welfare of elderly shareholders beyond dividend payments.