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Guinness Nigeria Plc has reported a pre-tax loss of N73.6 billion for the financial year ended June 30th, 2024, as forex devaluation impacted bottom lines. The company released its full year earnings showing losses continued into its fourth quarter of the year largely due to the impact of forex depreciation on its foreign currency loans.
Diageo Plc, the UK-based majority owner of Guinness Nigeria, looks to be exiting Nigeria after selling its 58.02% stake to Tolaram Group, the consumer food giant. Tolaram paid ₦81.60 for those shares, implying around a 60% premium on Guinness Nigeria’s Monday closing price of ₦50. Diageo will retain ownership of the Guinness brand it will be licenced to Guinness
Foreign exchange expenses eroded the operating profit of Guinness Nigeria Plc for the year ended December 2023, resulting in N5.233bn loss. This was contained in the unaudited interim financial statements of the firm filed with the Nigerian Exchange Limited on Thursday. Shareholders of the brewer protested the non-declaration of an interim dividend for the period ended