Africa Business Communities

Guinness records NGN124bn as turnover

Guinness Nigeria Plc has recorded a turnover of 13 per cent to NGN124bn. Profit after tax for the year was NGN18bn, representing a 31 per cent growth over the previous year’s performance. Speaking at the pre-yearly general meeting recently in Lagos, Chairman of the company, Babatunde Savage, said that the gradual recovery of the Nigerian economy, following the global economic crisis has set the stage for economic growth.

According to him, the surge of economic activities that followed the global economic recovery has made great impact on the Nigerian economy, especially the industry and in effect, the company. He also noted that “Nigeria’s external reserves have grown steadily and gross domestic product now put at 6.9 per cent.

The CBN continued to support and sustain the Naira against foreign currencies and has projected an increased GDP growth by the end of this year.” Savage explained that the bank recapitalisation and monetary policies that are ongoing are meant to stabilise the business environment. “Foreign investment and partnerships with emerging economies have contributed to growth in manufacturing and agriculture, he said. Savage who said that some the area which require government’s focus still remain foreign exchange and interest rate stability, acceleration of the reform in the power sector.

Others are insecurity and high inflationary rate-the economy is steadily making a good recovery. This is attributed mainly to the accumulation of external reserves and investor-friendly policies of the governments. He added that the brewing industry has continued to experience growth year on year. International companies have continued to make investments in Nigeria creating increased competition in the markets. “Our understanding and insight of the business landscape and brilliant execution of our key initiatives has kept us at the forefront of the industry.

Our new investment in capacity expansion projects has positively impacted our business. “Our responsible drinking initiatives which include training barmen and partnering with the Federal Road Safety Corps (FRSC), help to educated consumers on the proper consumption of alcohol,” he said.

 

www.nigeriagalleria.com

 

This article was originally posted on Sustainable Development Africa Platform

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