Guinness Nigeria Plc returned to profit in its latest reporting period, ending a turbulent transition year marked by a change in ownership and a board overhaul.
According to audited financial statements filed with the Nigerian Exchange, the brewing company posted record revenue of N730.8 billion for the 18 months ended December 31, 2025, more than double the N299.5 billion recorded in the previous 12-month period. Operating profit increased by 251 per cent to N89.3 billion from N25.4 billion a year earlier.
Also read: The return of Guinness Nigeria: How Tolaram turned losses into scalable growth
Net profit stood at N41.2 billion, compared to an earlier loss of N54.8 billion. Net finance costs declined sharply from N99.1 billion to N20.9 billion, easing pressure on the bottom line.
Basic earnings per share stood at 1,879 kobo, compared with loss per share of 2,500 kobo a year earlier. Total equity increased from N2.2 billion to N43.3 billion, net worth per share increased from 99 kobo to 1,978 kobo.
No dividend declared.
The figures reflect both operating momentum and a reset in the company's capital structure following the exit of former majority owner Diageo PLC. In 2024, Singapore-based conglomerate Tolaram acquired 58 percent of Diageo through N-Seven Nigeria Limited and later increased its stake to 70.86 percent following a mandatory takeover offer.
Also read: Analysts expect Guinness to resume dividend in 2026 after 2-year pause
The change handed Tolaram control of one of Nigeria's oldest brewers, which was founded in 1950 as an importer of stout before growing into a full-scale producer. The company now produces brands including Guinness Foreign Extra Stout, Malta Guinness and Smirnoff Ice under long-term licensing agreements.
The latest results cover 18 months, moving beyond the traditional 12-month cycle. Still, the scale of the rebound is remarkable in a market reeling from currency devaluation, rising input costs and weak consumer purchasing power.
Operating profit margin improved due to cost growth outweighing revenue growth. Lower finance costs suggest narrowing of foreign exchange deficit and lighter debt burden, a key issue that had driven the earlier losses.
The period under review also saw widespread changes in the boardroom. In January 2025, Fabian Ajogwu was appointed chairman, replacing Omobola Johnson. Girish Sharma took over as managing director in September 2024, while Mayank Kabra joined as finance and strategy director two months later.
Representatives from Tolaram, including Harkishin Aswani and Deepak Singhal, sit on the board, strengthening the new owner's influence over strategy.
Also read: Guinness aims to improve product value for Nigerian consumers with new launch
For investors, the change offers early evidence that an ownership change can stabilize the business. Still, the absence of a dividend underlines management's cautious stance as it consolidates profits and navigates a fragile consumer environment.
With revenues at record highs and equity rebuilt, the brewer has bought itself breathing room. The next test will prove whether the improvements can be sustained in a market where costs remain volatile and competition is fierce.
Guinness Nigeria shares returned 316 per cent a year ago but are down about 9 per cent year-to-date, closing trading at N320 on Tuesday, February 17, ranking it 143rd on the NGX in terms of year-to-date performance.
