Guinness Nigeria Plc recorded a 55.34 per cent increase in pre-tax profit to N61.65 billion for the nine months ended September 2026, supported by stronger revenue and a sharp decline in finance costs.
The company’s unaudited financial results, filed with the Nigerian Exchange (NGX) on Wednesday, October 21, 2026, showed that pre-tax profit rose from N39.69 billion in the corresponding period of 2025.
Revenue increased by 20.37 per cent to N403.33 billion from N335.07 billion, while profit after tax climbed 53.05 per cent to N40.69 billion from N26.59 billion.
The improved performance was partly driven by a 61.88 per cent reduction in finance expenses, which fell to N5.83 billion from N15.30 billion in the prior-year period.
The board has also declared an interim dividend of N7 per share, amounting to approximately N15.33 billion. The qualification date is October 30, 2026, while payment is scheduled for November 13, 2026.
Gross profit rose 20.41 per cent to N151.38 billion from N125.72 billion, while operating profit increased 23.45 per cent to N64.98 billion, compared with N52.64 billion a year earlier.
Earnings per share grew 53.05 per cent to N18.58 from N12.14, reflecting the growth in profit after tax.
The company’s third-quarter performance also strengthened. Revenue for the three months ended September 2026 rose 41.01 per cent year-on-year to N138.29 billion, while gross profit increased 48.35 per cent to N53.91 billion.
Operating profit grew 42.34 per cent to N23.46 billion, while pre-tax profit advanced 46.99 per cent to N23.32 billion from N15.86 billion in the corresponding quarter of 2025.
Quarterly profit after tax rose 52.67 per cent to N15.39 billion, while earnings per share increased to N7.03 from N4.60.
Domestic sales remained the company’s main revenue source, generating N397.04 billion, or about 98 per cent of total revenue. Export sales increased 23.85 per cent to N6.29 billion.
However, the increase in revenue was accompanied by higher operating expenses. Cost of sales rose to N251.95 billion, leaving the gross profit margin broadly unchanged at 37.5 per cent.
Marketing and distribution expenses increased 18.38 per cent to N62.91 billion, while administrative expenses rose 19.35 per cent to N24.12 billion.
The substantial reduction in finance expenses provided a significant boost to profitability. Interest on loans and borrowings fell to N5.61 billion from N14.66 billion a year earlier.
Guinness Nigeria repaid N90.29 billion in loans during the nine-month period, compared with new borrowings of N83.28 billion. Consequently, total loans and borrowings declined by about 13 per cent to N38.21 billion, although short-term facilities accounted for approximately 77.5 per cent of the balance.
The company’s total assets increased 10.74 per cent to N271.51 billion from N245.18 billion as of December 2025. Shareholders’ equity rose 48.42 per cent to N64.30 billion, while total liabilities edged up 2.65 per cent to N207.20 billion.
Despite the improvement in earnings and equity, some balance-sheet indicators warrant attention.
Cash and cash equivalents fell 79.95 per cent to N1.40 billion from N6.97 billion at the end of 2025. Bank overdrafts also increased to N2.80 billion from N523.54 million, leaving the company with a net cash deficit of about N1.41 billion.
Inventories rose 43.27 per cent to N65.65 billion, with finished goods increasing sharply by 144.5 per cent to N17.50 billion. Trade and other payables stood at N134.50 billion.
These figures highlight the need to monitor how the company converts its stronger reported earnings into cash and manages its working-capital requirements.
