Guinness Nigeria, returned to profitability in the second quarter (Q2) ending December 2020, as it booked net income of N524.2 million.
This came after the maker of alcoholic beverages had the biggest loss in its history last quarter when it reported N842 million in Losses after tax.
For the latest period however Guinness Nigeria had revenues of N42.3 billion, up marginally from N41.4 billion in Q2, 2019.
Combined marketing, distribution and administrative expenses came in at N8.8 billion, lower than the earlier period’s N9.1 billion, leading to an operating profit of N3.1 billion.
Guinness Nigeria’s outstanding loans fell by 48.9 percent between June and December 2020 to N11.646 billion, as the firm managed to repay N21.6 billion in loans during the year.