Guinness Nigeria Reports N841m Loss in First Quarter

Guinness Nigeria, a local unit of the global beer and spirits maker has announced a loss of N841 million in the first quarter (Q1) financial period that ended in September 2020.

Revenues came in at N30 billion up marginally from N26.8 billion in the earlier 2019 period, while costs of sales rose to N23 billion.

The firm recorded an operating profit of N586.3 million which was wiped out by net finance costs of N903.7 million.

Profit before taxation was -N317 million while after-tax profits fell further to -N841.6 million.

Guinness Nigeria stock has returned -45 percent in the past year and closed trading at N16 per share on Wednesday.