THUR OCT 22 2026-theGBJournal| Guinness Nigeria Plc reported a 56% increase in nine-month profit before tax, supported by stronger revenue and operating earnings, while proposing an interim dividend of ₦7 per share.
The brewer reported a sharp increase in earnings for the nine months ended September 2026, as revenue climbed to ₦403.33 billion, reflecting continued growth in sales compared with the corresponding period last year.
Revenue rose 20.4% from ₦335.07 billion in the nine months through September 2025, according to the company’s unaudited financial statements.
Gross profit increased 20.4% to ₦151.38 billion from ₦125.72 billion a year earlier, indicating that the company generated higher earnings after accounting for the cost of sales.
Profit from operating activities advanced 23.4% to ₦64.98 billion from ₦52.64 billion in the corresponding period of 2025, reflecting stronger operating performance over the nine-month period.
Earnings per share rose to 1,858 kobo from 1,214 kobo a year earlier, an increase of about 53%, according to the company’s results.
The performance highlights an improvement in Guinness Nigeria’s financial results during the period, with growth across revenue, gross profit and operating earnings.
Quarterly Performance Strengthens
The company’s performance in the three months ended September 2026 also showed substantial growth compared with the corresponding quarter a year earlier.
Revenue for the quarter increased 41.0% to ₦138.29 billion from ₦98.07 billion in the corresponding period of 2025.
Gross profit rose 48.3% to ₦53.91 billion from ₦36.34 billion, while profit from operating activities increased 42.4% to ₦23.46 billion from ₦16.48 billion.
Quarterly earnings per share climbed to 703 kobo from 460 kobo, representing an increase of approximately 52.8%.
The quarterly figures suggest that revenue growth accelerated relative to the nine-month trend, with the company also recording faster growth in gross profit than in sales during the period.
Profitability and Shareholder Returns
Guinness Nigeria reported nine-month profit before tax of ₦61.65 billion, according to the figures supplied, compared with ₦39.69 billion in the corresponding period of 2025. That represents an increase of approximately 55.3%.
The company also announced an interim dividend of ₦7.00 per ordinary share, subject to applicable withholding tax and approval.
The dividend will be paid to shareholders whose names appear in the register of members as of the close of business on Friday, October 30, 2026.
The proposed payout provides a direct return to shareholders following the company’s improved earnings performance.
Balance Sheet and Working Capital
Guinness Nigeria’s total non-current assets stood at ₦271.51 billion as of September 30, 2026, compared with ₦245.18 billion at December 31, 2025, an increase of approximately 10.7%.
The increase points to a larger base of long-term assets, although the figures provided do not specify how much of the change came from capital expenditure, acquisitions, asset revaluation or other movements.
Working-capital movements also featured in the company’s nine-month results.
The increase in inventory was reported at ₦19.83 billion, compared with a decrease of ₦17.58 billion in the corresponding period of 2025.
This represents a reversal in the direction of inventory movements and may have implications for cash tied up in stock.
Trade and other receivables declined by ₦3.96 billion in the nine months to September 2026, compared with a decrease of ₦42.53 billion a year earlier, according to the figures supplied.
The smaller reduction in receivables suggests a less pronounced release of funds tied up in customer balances and other receivables than in the previous year. The overall effect on operating cash flow would depend on other working-capital items and the company’s cash-flow statement.
The company also reported an inventory impairment figure of ₦469.25 million for the period referenced in the supplied data, although the exact comparative period requires confirmation.
Outlook
Guinness Nigeria’s latest results show growth in revenue, gross profit, operating profit and earnings per share, alongside an increase in its non-current asset base.
However, the extent to which earnings growth translates into stronger cash generation will depend on inventory management, receivables collection and other working-capital movements.
The interim dividend announcement provides an additional indicator of the company’s approach to shareholder returns as it reports improved earnings.
Investors will be watching subsequent results for evidence that the stronger sales performance can be sustained while maintaining margins and managing cash requirements.
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