Ahead of Toleram acquisition, Guinness Nigeria posts annual loss of N54.7 billion

Guinness Nigeria Plc has reported a loss of N54.7 billion for the financial year ended June 30, 2024.

This loss is higher by N36.5 billion compared to the loss experienced by the company in the same period in 2023 of N18.1 billion.

Loss before tax also reached N73.6 billion.

There was only a slight increase in total revenue from N229.4 billion in 2023 to N299.4 billion this year.

These figures are contained in Guinness Nigeria Limited’s 2024 Audited Financial Statements submitted to the Nigerian Exchange Group (NGX) on Friday.

Guinness presents its year-end financial report every June 30.

Meanwhile, the brewing giant’s board of directors has recommended no dividend to its shareholders.

“No dividend has been recommended by the Board of Directors for approval at the upcoming Annual General Meeting,” the company stated in the report.

Guinness also announced changes to the composition of its board of directors since the last Annual General Meeting in October 2023.

He added: “There have been some changes in the composition of the Board of Directors since the last Annual General Meeting held on 24 October 2023. However, the Board of Directors remains adequately resourced and well structured to provide the necessary strategic direction to Management and general oversight for the company.”

Guinness’ parent company, Diageo Plc, recently sold its majority stake to Tolaram Plc.

By: Babajide Okeowo

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