Guinness Nigeria’s Nine-Month Profit Jumps 53% to ₦40.69bn

Guinness Nigeria Plc has reported a 53.1 per cent increase in profit after tax to ₦40.69 billion for the nine months ended September 30, 2026, as revenue grew by more than a fifth and finance expenses fell sharply, according to its unaudited financial results filed with the Nigerian Exchange.

The brewer’s profit after tax rose from ₦26.59 billion in the corresponding period of 2025, while revenue increased 20.4 per cent to ₦403.33 billion from ₦335.07 billion. Profit before tax climbed 55.3 per cent to ₦61.65 billion, compared with ₦39.69 billion a year earlier, reflecting stronger operating earnings and lower financing costs.

The results also show that operating profit rose 23.5 per cent to ₦64.98 billion from ₦52.64 billion, while gross profit advanced 20.4 per cent to ₦151.38 billion. Finance expenses fell 61.9 per cent to ₦5.83 billion from ₦15.30 billion, providing substantial relief below the operating-profit line and helping net earnings grow faster than revenue.

The improvement came despite higher administrative and marketing costs. Administrative expenses rose to ₦24.12 billion from ₦20.21 billion, while marketing and distribution expenses increased to ₦62.91 billion from ₦53.15 billion. The figures suggest that the reduction in finance expenses was an important contributor to the rise in overall profitability, alongside the company’s higher sales and operating earnings.

The July-to-September quarter also delivered stronger results. Revenue for the three months rose 41 per cent year on year to ₦138.29 billion from ₦98.07 billion, while profit after tax increased to ₦15.39 billion from ₦10.08 billion. Profit before tax for the quarter reached ₦23.32 billion, compared with ₦15.86 billion in the same period of 2025.

Alongside the results, the board declared an additional interim dividend of ₦7 per ordinary share, equivalent to a total payout of about ₦15.33 billion. Shareholders whose names appear on the company’s register at the close of business on October 30 will qualify, with electronic payments scheduled for November 13, subject to the applicable withholding tax and completion of dividend-registration requirements. The new declaration brings interim dividends announced during the period to ₦16 per share, following earlier payments and declarations of ₦2 and ₦7 per share.

The results follow a stronger first half in which Guinness Nigeria reported approximately ₦265 billion in revenue and a 53 per cent increase in profit after tax to ₦25.3 billion. At the time, the company said it was focusing on its brands, manufacturing capacity and distribution while strengthening its balance sheet. The nine-month figures show that profit growth continued into the third quarter.

Guinness Nigeria’s performance comes amid a challenging operating environment for consumer-goods businesses, where household purchasing power, input costs and pricing decisions can influence demand and margins. Industry reporting has also pointed to price adjustments among Nigerian brewers during 2026 as companies responded to higher operating and raw-material costs.

For investors, the latest figures offer evidence of stronger earnings and a further dividend declaration, although sustaining that performance will depend on the balance between sales growth, operating costs and financing expenses. The distinction between revenue and profit is important: while sales rose 20.4 per cent, after-tax profit grew more than twice as quickly, with lower finance expenses helping to widen the improvement in the company’s bottom line.