Guinness Nigeria Declares N41.2 Billion Profit as Sales Surge

Guinness Nigeria, backed by Tolaram, reported a post-tax profit of N41.2 billion for the eighteen months that concluded in December 2025, as revealed in its audited financial results released on Tuesday. This profit was supported by a remarkable increase in revenue.

This outcome offers relief following a disappointing performance in the 2024 financial year, during which the company faced substantial losses due to significant foreign exchange adjustments as the naira endured pressures from a major devaluation earlier that year.

The brewery has transitioned its fiscal year-end from June to December, thereby adopting an eighteen-month reporting cycle that concluded last December, moving away from the previous twelve-month period that had been in place for many years.

For the beer manufacturer, turnover soared by 144% to N730.1 billion, in stark contrast to the full year of 2024, when it recorded a net loss of N54.8 billion. During this period, Tolaram acquired a 58% controlling stake in the company from Diageo for $70 million.

The ramifications of the prior year's losses led to Guinness Nigeria's shareholder equity dropping dramatically by 96.2% to N2.2 billion after absorbing N46.4 billion in negative retained earnings. However, this trend has reversed, with equity rising significantly to N43.3 billion by the end of the reviewed period.

In June 2024, Diageo stated that despite selling its stake, it would maintain the ownership of the Guinness brand in Nigeria, while licensing operations to Tolaram on a long-term basis.

Domestically, local sales constituted 98% of the company’s revenue in 2025, even as exports increased in value, climbing to N13 billion from N3.6 billion.

Notably, a substantial reduction in finance costs, which decreased from N101.6 billion to N26.3 billion, also bolstered earnings.

Before tax, profits reached N68.4 billion, reversing the pre-tax loss of N54.8 billion recorded during the twelve months leading to June 2024. The profit after tax amounted to N41.2 billion, a stark contrast to the loss registered after tax of N54.8 billion in the eighteen months prior.