Guinness Nigeria Plc has reported a 31% year-on-year increase in revenue for the fiscal year ending June 30, 2024.

According to a statement released on Tuesday, this impressive growth was more pronounced in the latter half of the year, where revenue growth accelerated to 41%, compared to 20% in the first half.

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This achievement is noteworthy given the tough macroeconomic conditions, including high inflation, currency devaluation, removal of fuel subsidies, and food insecurity, which have reduced consumer spending power.

The revenue growth was attributed to an optimized category mix, innovative products, and strategic price adjustments to counter rising costs.

“Non-alcoholic malt beverages, ready-to-serve drinks, and international premium categories showed notable growth.

The company also enhanced trade and consumer engagement through digital platforms, activations, and improved brand visibility,” the statement highlighted.

Despite these gains, the company faced a 37% increase in the cost of sales due to inflation-driven raw material price hikes, unprecedented utility cost increases, and currency devaluation.

However, operating profit grew by 9% due to strong revenue performance and increased productivity.

Adebayo Alli, Managing Director of Guinness Nigeria, expressed pride in the company’s performance amid significant economic challenges.

He attributed the success to their focus on optimizing product categories, innovation, and strategic price adjustments.

Looking ahead, Guinness Nigeria aims to continue its transformation with a focus on digital innovation, deepening consumer engagement, and investing in its people and brands for sustained growth and stakeholder value.

The report also noted challenges from currency devaluation, with the exchange rate shifting from N759.03/$1 at the beginning of the year to N1,540/$1 by the end, resulting in a significant unrealized forex loss and a pre-tax loss of N73.68 billion.

Despite these difficulties, the board remains optimistic about the company’s strategic direction.

Chairman Dr. Omobola Johnson emphasized the firm’s commitment to continuously assessing its strategy in response to the evolving business environment to ensure shareholder returns and long-term value creation.

The company’s performance this year reflects its resilience and adaptability in the face of economic challenges.