Tolaram takeover spurs N20 billion profit for Guinness Nigeria

NAIRAMETRICS

Guinness Nigeria Plc released its second-quarter earnings, revealing a pre-tax profit of N20.1 billion for the period ending December 31, 2024.

This marks a significant reversal of fortunes from the pre-tax loss of N8.2 billion reported in the same quarter of the previous year.

It is also the first quarterly profit posted by Guinness Nigeria Plc since September 2023, when it reported a profit of N3.8 billion in its first quarter.

The profit boost comes as Tolaram Group completes its takeover of operations from Diageo, the previous parent owner of the Guinness brand.

Tolaram acquired the Guinness Nigeria franchise in June 2024, and within six months, the company recorded its first quarterly operating profit.