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 (NGX: GUINNESS), 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.