Guinness Nigeria Plc has reported N40.69 billion in profit after tax in the nine months ended September 2026 and proposed an interim dividend of N7, BusinessDay analysis shows.
The brewer’s unaudited financial statements filed with the Nigerian Exchange Group show that profit after tax rose 53.1 percent to N40.69 billion in the nine months to September 2026, from N26.59 billion in the corresponding period of 2025.
The company declared an interim dividend of N7.00 per share, totaling about N15.33 billion, on October 21, 2026.
The dividend is payable to shareholders whose names appear on the register as of October 30, with electronic payments scheduled for November 13.
The proposed payout reflects Guinness Nigeria’s return to stronger profitability after a period when elevated financing costs and foreign exchange pressures weighed on earnings across the manufacturing sector.
Revenue rose 20.4 percent to N403.33 billion from N335.07 billion a year earlier, reflecting improved sales performance during the period. However, the cost of sales increased 20.3 percent to N251.95 billion from N209.35 billion, leaving gross profit up 20.4 percent at N151.38 billion.
The company’s operating profit increased 23.4 percent to N64.98 billion from N52.64 billion, supported by higher gross profit despite rising administrative, marketing, and distribution expenses.
Marketing and distribution expenses increased 18.4 percent to N62.91 billion from N53.15 billion, while administrative expenses rose 19.4 percent to N24.12 billion from N20.21 billion.
The increase in operating expenses underscores the cost pressures facing consumer goods manufacturers, even as higher sales and improved operating performance supported earnings growth.
A significant improvement came from financing costs. Finance expenses fell 61.9 percent to N5.83 billion in the nine months to September 2026 from N15.30 billion in the corresponding period of 2025.
Finance income, however, increased slightly to N2.51 billion from N2.35 billion.
The combination of stronger operating earnings and lower finance expenses helped lift profit before tax by 55.3 percent to N61.65 billion from N39.69 billion.
Earnings per share increased to 1,858 kobo from 1,214 kobo, according to the company’s results.
Guinness Nigeria’s performance also strengthened its balance sheet. Total assets rose to N271.51 billion at September 30, 2026, from N245.18 billion at the end of December 2025, while shareholders’ equity increased to N64.30 billion from N43.32 billion.
Retained earnings moved into positive territory at N15.76 billion, compared with a deficit of N5.22 billion at the end of 2025, reflecting the company’s improved profitability after accounting for dividends declared during the period.
However, cash and cash equivalents declined to N1.40 billion from N6.97 billion at the end of December 2025. The company also reported a bank overdraft of N2.80 billion, up from N523.54 million.
Inventories increased to N65.65 billion from N45.82 billion, while trade and other receivables rose to N42.26 billion from N38.35 billion.
The company generated N51.56 billion in cash from operating activities during the nine months, down from N62.00 billion a year earlier. Capital expenditure on property, plant, and equipment and intangible assets amounted to N28.16 billion.
During the nine months, the company declared dividends of N19.71 billion and paid N19.27 billion, compared with N972.41 million in the corresponding period of 2025
Commenting on the results, Fabian Ajogwu, SAN, Chairman of the Board, said, “These results reflect the progress Guinness Nigeria is making in strengthening its financial performance and building a more resilient business.
“The continued growth in revenue and profitability, alongside our disciplined approach to financial management, provides a solid foundation for the next phase of our journey. Our commitment remains to provide strong governance, support sustainable business growth, and deliver enduring value to our shareholders.”
Girish Sharma, managing director and chief executive officer of Guinness Nigeria Plc, added: “Our nine-month performance reflects the progress we are making in strengthening the business and improving profitability.
“Revenue growth, higher operating earnings, and a significant reduction in finance costs have contributed to a stronger bottom line. While the operating environment remains dynamic, we remain focused on disciplined execution, operational efficiency, and delivering sustainable value for our consumers, customers, and shareholders.”
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Chinwe Michael is a Nigerian business journalist and media professional with over 4 years of experience covering companies, financial markets, banking, fintech, economic policy, financial inclusion, and corporate affairs. She currently leads the Companies & Markets desk at BusinessDay, where she drives coverage of Nigeria’s corporate and capital markets, translates complex financial data into accessible stories, and mentors younger journalists. Prior to that, she was the head of the financial inclusion/fintech desk. With a background in banking and finance and extensive experience in media and communications, Michael has developed expertise in financial journalism, economic analysis, investigative reporting and market intelligence. Her work examines how monetary policy, corporate performance, capital flows, technology, and regulatory decisions affect businesses, investors, and households. She was selected from about 3,000 applicants as one of 20 journalists for Cohort 4 of the MTN Media Innovation Programme, gaining exposure to new approaches to journalism, technology, and media innovation. Her international journalism experience and engagement with professionals across Russia, Dubai, Saudi Arabia, and others in different sectors have further broadened her understanding of global communication and development.
