April 16, 2026/InvestmentOne Report

Revenue for Q1:2026 grew by 3.75% YoY to NGN122.77bn from NGN118.34 bn in Q1:2025, reflecting a more moderate pace of growth against a higher base. Disaggregation of revenue reveals that domestic sales expanded by 3.30% to NGN120.90bn from NGN116.99bn, while export sales recorded a more pronounced increase of 38.90% to NGN1.88bn from NGN1.35bn, underscoring the company’s efforts to broaden its geographic revenue base. 

The long-term trajectory for Guinness Nigeria is exceptionally positive, bolstered by its recent entry into the trillion-naira club with a market capitalization exceeding N1.09 trillion. This valuation surge, alongside a record NGN41.2bn net profit for the 18-month period ending December 2025, reflects deep investor confidence in the Tolaram-led turnaround strategy.

Furthermore, the resumption of dividend payments specifically the N2.00 interim dividend signals a robust return to shareholder value creation. The move toward 100% local manufacturing for many of its mainstream lines is effectively hedging against future currency shocks.

Please click here to download full report.