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CardinalStone Earnings Update - Guinness Nigeria Plc 9M' 24 unaudited result - FX losses erode bottom line | InfoWARE Finance

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CardinalStone Earnings Update - Guinness Nigeria Plc 9M' 24 unaudited result - FX losses erode bottom line
(Source: CardinalStone Research, Date: 26-Apr-2024)
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GUINNESS: FX losses erode bottom line

In its unaudited 9M'24 result, Guinness Nigeria Plc reported a pre-tax loss of 60.4 billion (vs a profit of N9.9 billion in 9M'23), a consequence of an 871.8% surge in finance costs. The breakdown of the finance costs indicated that most pressures were skewed to losses on the FX balance, stemming from the sustained pressure on the currency in the review period.

 

On the topline performance, the company reported a 27.7% YoY growth, following higher revenue from contracts with customers in Nigeria (+27.5% YoY) and Export proceeds (+48.9% YoY). Nevertheless, the company's gross margin declined by 430bps to 30.7%, reflecting a surge in OPEX, following increases in marketing (+19.3% YoY) and distribution (+4.0% YoY) expenses.

 

On Q3'24 standalone, the company's performance was uninspiring, as material FX loss masked the 43.8% increase in revenue, resulting in a pre-tax loss of N56.0 billion in the review quarter. 

Kindly click here for the full result.

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