Guinness Nigeria Plc., has shown optimism about delivering value to its customers in spite of slow growth that is mostly occasioned by the COVID-19 pandemic.
The company in a statement to the Nigerian Stock Exchange (NSE), informed that its production and revenues had been negatively affected.
The statement shows that Guinness’ financing cost rose by 97 % to N3.582 billion compared to N1.817 billion recorded in 2019.
The company noted further that its activities were strongly affected by the sharp contraction in economic activities, as well as lockdown measures.
The statement reads: “Due to a combination of the impact of COVID-19 and the asset impairment, we expect the profitability of the company for the Financial Year to 30th June 2020 to be impacted. The company’s balance sheet, however, remains strong, and this gives the board the confidence that the company has the right resources to continue to deliver the strategy.”
It will be recalled that the company reported revenue of N96.08 billion for the nine months that ended March 31, 2020, showing a fall of 5.3% compared with N101.40 billion recorded in the corresponding year of 2019.
Moreso, its financing cost rose by 97% to N3.582 billion compared to N1.817 billion recorded in 2019.
It ended the period with a profit after tax of N1.672 billion, plunging by 60% from N4.252 billion recorded in 2019.