July 23, 2026/CSL Report
Financial Highlights:
- Revenue: +11.8% y/y to ₦265.0bn
- Cost of Sales: +12.7% y/y to ₦159.2bn
- OPEX: +5.9% y/y to ₦56.4bn
- EBITDA: +17.4% y/y to ₦49.8bn
- Operating Profit: +14.8% y/y to ₦41.5bn
- Profit After Tax: +53.1% y/y to ₦25.3bn
- Proposed Interim Dividend: ₦7.00 per share
Guinness Nigeria Plc’s H1 2026 financial results reflected continued earnings recovery, building on its return to profitability in FY2025. Revenue increased by 11.8% year-on-year (y/y) to ₦265.0bn, from ₦237.0bn in H1 2025, supported by resilient consumer demand, effective pricing actions, an improved product mix, and continued execution of management’s commercial strategy despite a challenging operating environment
characterised by elevated inflation and weak consumer purchasing power. On a quarter-on-quarter (q/q) basis, Revenue also recorded solid growth, rising 15.9% to ₦142.3bn from ₦122.8bn in Q1 2026, indicating sustained demand momentum across the company’s product portfolio.
Cost of sales (excluding depreciation) increased by 12.7% y/y to ₦159.2bn, from ₦141.3bn in H1 2025, marginally outpacing revenue growth. Consequently, gross margin eased slightly to 39.9%, compared with 40.4% in the corresponding period of 2025. The increase in production costs primarily reflected persistent inflationary pressures on raw materials, packaging inputs, energy, and distribution expenses, which continue to weigh on margins across Nigeria’s brewing industry.
Stock Rating: Hold
Click here to download full report: GUINNESS H1 2026 Quick Take