GUINNESS | Guinness Nigeria Q2 2024 Quick Take : Lingering FX losses weigh on bottom line despite robust operational performance

Guinness Nigeria Plc released its Q2 2024 (Oct-Dec) unaudited numbers. The renowned foreign extra stout brewer recorded double-digit Revenue growth of 26.6% y/y to N83.06bn (Q2 2024) from N65.6bn (Q2 2023). Likewise on a q/q basis, Revenue grew by 39.5% to N83.06bn from N59.54bn recorded in Q1 2024. The Q2 2024 impressive topline performance aligns with our expectation that revenue will grow significantly due to holiday season demand.

The Cost of Sales (ex-depreciation) grew faster than Revenue, up 32.5% y/y to N53.32bn in Q2 2024 from N40.25bn in Q2 2023 and up 35% q/q. This resulted in a decrease in Gross Margin to 35.8% in Q2 2024 from 38.7% in Q2 2023. Gross Profit however grew 17.3% y/y to N29.74bn in Q3 2024 from N25.36bn in Q2 2023 and 48.3% q/q.


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