Guinness Nigeria Plc has declared a profit before tax of N2.6bn for the first quarter of the financial year 2013.

This was contained in a statement issued by the company’s Corporate Communications Manager, Mrs. Olayinka Edmund, on Monday. According to the statement, the company’s financial year begins in July, with the first quarter of 2013 ended September 30, 2012.

According to the statement, the results highlight revenues at the same level as the same period last year, while cost of sales went down year-on-year by three per cent. It added that the company’s gross profit was also up by four per cent.

The statement quoted the Managing Director/Chief Executive Officer, Guinness Nigeria Plc, Mr. Seni Adetu, to have said, “Our year-on-year growth was flat as against last , in a quarter that witnessed an overall decline in the beer and malt market and continued pressure on disposable income.

“In spite of the continuing challenges in the economy and the beer market specifically, you will notice that distribution and administrative expenses were flat as a result of our focus on driving cost efficiencies.

“Over the period, we have remained focused on managing for value as our cost of sales declined three per cent and gross profit was up four per cent in the quarter. Our advertising and promotion expenses were up weighted during the period as we continued to show our belief and commitment to our brands through increased investments. We are positive that with our investment in our brands and route to market, we will deliver the operating plan for the year and drive both top and bottom line growth.”

Shareholders of the company had earlier this month, at the company’s annual general meeting for the year ended June 30, 2012, approved a dividend of N8.00 per share and scrip dividend representing one ordinary share for every 33 ordinary shares

The Vice-Chairman of the company and President of Diageo Africa, Dr. Nick Blazquez, had at the time expressed delight at the role Nigerians were playing in the company.

He had noted, “For the first time in almost two decades, Guinness Nigeria has a Nigerian CEO who is leading an executive management team made up almost exclusively of Nigerians.”

Source: Punch (written by Simon Ejembi)