Guinness Nigeria posts a loss of $1.02 million because July to September wasn't good months for the brewer firm

Seasonal impacts of weather and fewer number of festivities between July and September 2019 hampered Guinness Nigeria profit.
The brewing firm lost N370 million per the Q1 2019 results for the period ended September 30, 2019.
The firm says its bank overdraft increased from N6.56 billion at the end of June to N8.68 billion at the end of September 2019.

Guinness Nigeria has recorded a loss of N370 million ($1.02 million) for the period ended September 30, 2019, compared with the N835.66 million gain recorded in the corresponding period of 2018.

The firm stated this in its unaudited financial statements posted on the Nigerian Stock Exchange (NSE) last week.

The brewer said its bank overdraft increased from N6.56 billion at the end of June to N8.68 billion at the end of September 2019.

Key Highlights of the financial result

Revenue grew by 6.42% to N29.89 billion from N28.09 billion in the previous quarter.
Loss Before Tax was put at N370.41 million.
Net Assets also declined by 0.4% to N88.69bn from N89.06bn as of June 30, 2019.

Guinness Nigeria Financial statement Guinness FS

Finance cost grew from N593 million in the third quarter of 2018 to N128 billion in the third quarter of 2019.

What impacted on Guinness Nigeria profit

Analysts at CSL said the decline in Guinness Nigeria profit was due to seasonal impacts of weather and fewer number of festivities between July and September 2019.