Guinness Nigeria record N73.6b loss amid Tolaram takeover

• Published On: 27 July 2024 at 07:32

Guinness Nigeria Plc reported a pre-tax loss of N73.6 billion for the fiscal year ending June 30, 2024, owing to the negative impact of currency devaluation on bottom lines.

This was mentioned in the company's financial statement submitted to NGX on Saturday.

Diageo Plc, the brewery's parent firm, recently sold the majority of its shares to Tolaram Plc.

Haresh Aswani, the Managing Director of Tolaram Africa, indicated that the project would help the company improve its market share in Nigeria.

"We are happy to welcome Guinness Nigeria, a firm with a long history and tremendous consumer loyalty, to our ecosystem. This strategic decision will increase our strong presence in the Nigerian market and provide an opportunity to utilise our combined strengths to drive innovation and offer enormous value to our customers and shareholders throughout the country," he remarked.

However, Diageo claimed that it remains staunchly committed to Nigeria and will retain ownership of the Guinness brand, which will be granted to Guinness Nigeria under a long-term licence, allowing Guinness Nigeria to move forward with its growth and development under Tolaram's leadership.

As a result of this loss, the board of directors has recommended no dividend for the upcoming annual general meeting.