Diageo’s Guinness Nigeria subsidiary has reported a strong rise in sales for its fiscal full-year, despite lower demand for the firm’s flagship Guinness beer.
Net sales for the unit rose by around 22% for the 12 months to the end of June, to NGN109.36bn (US$708m), Guinness Nigeria said in a stock exchange filing yesterday (23 September). Net profits for the year reached NGN13.7bn, compared to NGN13.5bn a year earlier.
The sharp rise in sales came in spite of lower demand for the Guinness brand.
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