Friday, April 22, 2016 5:17 pm
Guinness Nigeria Plc today announced net revenue of ₦70bn for the 9 months period ended 31st March 2016.
The company’s Managing Director/Chief Executive Officer, Mr. Peter Ndegwa, observed: “Third quarter sales were impacted by a tough operating environment and the lapping of a very strong quarter in the previous year – particularly with distribution gains for the Orijin brand. The economic slowdown and rise in inflation continue to cause a shift towards lower margin value products.
“However, we are starting to make progress in the broadening of our portfolio and also seeing resilience in our core brands. We are also focused on driving efficiency throughout our operations to address the continuing pressure on margins. We anticipate that the year will be challenging as we incur one-off costs to reshape our business and continue to broaden our portfolio in order to drive future growth.”