Guinness Nigeria Plc recorded a pre-tax loss of N73.6 billion for the fiscal year ended June 30, 2024, due to the negative impact of currency devaluation on bottom lines.
This was disclosed in the financial statement of the company filed with NGX on Saturday.
The brewery recently acquired a new owner when parent company Diageo Plc sold Tolaram Plc the majority of its shares.
The Managing Director of Tolaram Africa, Haresh Aswani, had stated that the initiative would increase the company’s market share in Nigeria.
“We are thrilled to welcome Guinness Nigeria, a company with such a rich legacy and strong consumer loyalty, into our ecosystem. This strategic move will expand our significant footprint in the Nigerian market and presents an opportunity to leverage our combined strengths to foster innovation and deliver immense value to our customers and shareholders across the nation,” he stated.
However, Diageo stated that it is still steadfastly dedicated to Nigeria and will keep ownership of the Guinness brand, which will be granted to Guinness Nigeria through a long-term license, enabling the next phase of growth and development of Guinness Nigeria under the stewardship of Tolaram.
As a result of this loss, no dividend was recommended by the board of directors in the coming annual general meeting.
