Brewery company Guinness Nigeria Plc has released its audited financial statements for the year ended June 30, 2021, showing that after-tax profits have increased by 110 percent.
The audited results released to the Nigerian Exchange Group (NGX) at the end of the fiscal year indicated that sales increased 54 percent to N160 billion from the prior period of 2020.
Operating income increased 177 percent, reflecting significant write-downs from the prior year and lower administrative costs due to productivity savings.
However, the company disclosed that its net borrowing costs remained at a similar level to last year, despite lower debt, as a result of the devaluation of Naira impacting its foreign currency-denominated trade balances.
Also, cost of sales increased 61 percent year-on-year to N114.71 billion, while administrative costs decreased 27 percent to N10.5 billion.
As a result, earnings per share rose 110 percent to 57kobo, prompting the company’s board of directors to recommend N1 billion in dividends.