Guinness Nigeria Plc announced in a statement that its turnover grew by 31% year-on-year for the fiscal year ending June 30, 2024.

Guinness Nigeria Plc reported that the good performance was more pronounced in the second half of the year, with revenue growth accelerating to 41% from 20% in the first half. According to him, this success was notable given the difficult macroeconomic environment, characterized by a decline in consumers' disposable income due to record inflation, currency devaluation, the removal of fuel subsidies and food insecurity

In addition, part of the press release states that “despite these results, the company faced a rise in its selling costs, which increased by 37% due to rising commodity prices due to inflation, the unprecedented rise in utility costs, and the devaluation of the currency. Nonetheless, operating income grew by 9%, propelled by strong revenue performance and intensified productivity gains across the organization.”