Guinness Nigeria Plc released its second-quarter earnings, revealing a pre-tax profit of N20.1 billion for the period ending December 31, 2024.
Gatekeepers News reports that the development marks a significant reversal of fortunes from the pre-tax loss of N8.2 billion reported in the same quarter of the previous year.
It is also the first quarterly profit posted by Guinness Nigeria Plc since September 2023, when it reported a profit of N3.8 billion in its first quarter.
The profit boost comes as Tolaram Group completes its takeover of operations from Diageo, the previous parent owner of the Guinness brand.
Tolaram acquired the Guinness Nigeria franchise in June 2024, and within six months, the company recorded its first quarterly operating profit.
The second-quarter profit helped increase half-year pre-tax profits to about N4.1 billion, enabling the company to swing to its first half-year profit since December 2022.
The pre-tax profit for FY 2024 stood at N4.1 billion, indicating a substantial recovery from the loss of N4.4 billion recorded in the previous half-year.
The company reported revenue of N133.7 billion for the quarter, bringing the year-to-date figure to N259.6 billion—an 82.06% increase compared to the full year of 2023.
Guinness Nigeria Plc reported revenue of N259.6 billion for FY 2024, representing an impressive increase of 82.06% compared to FY 2023.
