Business
‘We recorded N19bn losses’ – Guinness speaks on reported plan to exit Nigeria after 74 years
The management of Guinness Nigeria Plc has stated that despite economic headwinds that harmed its businesses in the most recent operating year, the company managed to scrape by against all odds.....PROCEED.FULL.READING>>>
John Musunga, its managing director and CEO, spoke at a media session over the weekend at its corporate headquarters in Ogba, Lagos state.
The company’s reaction followed an earlier report that it would stop importing some international premium spirits products from April 2024.
Guinness is still in Nigeria
According to the Nation, in his opening remarks, Musunga dismissed rumours that company is planning to leave Nigeria.
The company has been in the Nigerian market for 74 years. Speaking on this, Musunga said: We’re part and parcel of the Nigerian economy, and we have no intention whatsoever to exit the country.
Musunga said the business constantly looks for what the Nigerian consumer market needs and that a solid R&D department supports this.
He said the company would continue to satisfy such needs.
Musunga lamented that due to huge forex exposure and the impact of the naira devaluation, the company made losses amounting to N19 billion.
But when we saw the results of other companies, we realised that our own N19 billion losses were not too bad because others made substantially large amounts in losses.
Musunga noted that the parent company, Diageo, which owns around 58% of Guinness Nigeria Plc, decided to alter how it distributed its spirits business, particularly imported spirits, which account for about 6% of its earnings.
He emphasised that the corporation is simply being innovative in how it markets worldwide spirit brands by utilising expertise to sell and develop those brands and not abandoning the spirit industry entirely as insinuated.
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