Ahead of Toleram takeover, Guinness Nigeria records N54.7bn full-year loss

Guinness Nigeria Plc has reported a N54.7 billion loss for the financial year ended June 30, 2024.
This was N36.5 billion higher than the N18.1 billion loss the company recorded in the corresponding period of 2023.
The loss before tax also stood at N73.6 billion.
There was also only a slight increase in total revenue from N229.4 billion in 2023 to N299.4 billion this year.
These figures were contained in the Guinness Nigeria Limited Audited Financial Statement for 2024 submitted to the Nigerian Exchange Group (NGX) on Friday.
Guinness presents its year-end financial reports every June 30.
Meanwhile, the brewery giant’s board has recommended no dividends for its shareholders.
“No dividend has been recommended by the Board of Directors for approval at the forthcoming Annual General Meeting,” the company stated in the report.
Guinness also announced a change in its board composition since the last AGM in October 2023.
It added: “There have been some changes in the Board composition since the last Annual General Meeting held on the 24th October 2023. However, the Board remains adequately resourced and well-structured to provide the requisite strategic direction for Management and general oversight for the company.”
Guinness’s parent company, Diageo Plc, recently sold its majority shares to Tolaram Plc.
By: Babajide Okeowo
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