Guinness Nigeria Plc, on Friday presented its audited financials for the year ended June 30, 2023, highlights of which was the Loss After Tax of N18.168bn, a 216% setback, when compared with the previous year’s N15.651bn net profit, translating to a loss per share of N8.29, compared to N7.15 each in 2022. The loss for the period was an aftermath of the spike in finance cost from N2.13bn in the corresponding period of last year to N53.285bn, while finance income grew to N7.789bn from just N1.904bn. Despite the loss for the year, the directors still recommended a total of N15.639bn as dividend payout, a 1,452% growth from N1.007bn last year, representing Dividend per share of N7.14, up from N0.46 each.
According to the result, revenue for the period grew to N229.44bn from N206.822bn; of which cost of sales increased from N134.159bn to N151.307bn resulting in gross profit of N78.133bn, compared to N72.662bn.
Other income increased to N3.53bn from N2.739bn, mainly the N1.514bn gain, from N1.693bn; and the N1.572bn promissory note from Export Expansion Grant; marketing and distribution expenses rose to N41.248bn from N37.347bn; administrated expenses stood at N16.974bn from N13.708bn; which among others resulted in profit from operating activities of N23.357bn, up from N23.9bn.
Finance income was boosted by the gain on remeasurement of other foreign currency balances of N5.524bn from N879.849m. Components of the finance costs were mainly the N19.603bn exchange difference on foreign currency letter of credits, up from the previous negative of N71.129m; exchange difference on foreign currency intercompany loan of N8.05bn, from just N197.44m; and loss on measurement of other foreign currency balances which stood at N21.441bn, up from N1.157bn. Net finance costs amounted to N45.496bn from just N225.899m; bringing loss before t to N22.138bn from a profit of N23.674bn. The net loss position was however mitigated by the tax credit of N3.97bn, compared to the tax expense of N8.022bn, which resulted in a net loss of N18.168bn, up from the N15.651bn in the corresponding period of last year.