Guinness Nigeria Plc delivered strong first-quarter results for fiscal year 2026, with Profit After Tax climbing 48% year-on-year to N10.39bn from N7.03bn in the comparable period, as the brewer continues its recovery trajectory under improved market conditions and operational discipline.
The company announced an interim dividend of N2 per ordinary share for the quarter ended March 31, 2026, a move that drew applause from minority shareholders gathered at the 75th Annual General Meeting held in Lagos. Earnings per share rose to N4.74 from N3.21 in the prior-year period, reflecting the breadth of the financial turnaround.
Revenue Growth and Margin Recovery
Revenue for the quarter reached N122.77bn, up four per cent from the prior-year quarter, while operating profit remained resilient at N17.18bn despite persistent margin pressures across the sector. The company attributed the improved bottom-line performance to strategic pricing adjustments, an optimized category mix, and rigorous cost management initiatives.
Chairman Prof. Fabian Ajogwu, SAN, told shareholders that the company would sustain its improved performance to deliver better returns on investment. He noted that during the transition year, Guinness Nigeria changed its financial year-end from June to December, meaning the recently reported results encompass an 18-month period from July 2024 to December 2025.
For that extended reporting period, the company's sales surged to N730.80bn, representing a 144% increase from the previous comparable period. Gross margins expanded by 152%, driven by management's focus on improving realisations while containing input costs. Operating margins improved by 251%, underpinned by strict cost controls and optimised marketing expenditure.
Shareholders Press for Dividend Continuity
Speaking on behalf of minority shareholders at the AGM, Sir Sunny Nwosu lauded the management and board for returning the company to profitability and expressed particular satisfaction with the sharp appreciation in the company's share price, which climbed from below N10 to above N400 per share within a year.
"We've been happy that the share price is moving up. And if you want it to move up, then it should be. Let's pay what Nigerian shareholders want," Nwosu stated. "Good dividend payment, bonuses, and every good deal that comes from a good share price. We are contributing money by the shares in order to enjoy the share pricing and everything else for the future."
Another shareholder, Nona Owoh, went further, urging the board to formalise interim dividends as a permanent feature of the company's capital return policy. "What I would be asking is, in terms of promise today, that interim dividends will become part of the vocabulary of Guinness Nigeria going forward. Every year going forward, we will pay off interim," Owoh declared.
FX Management and Operational Outlook
Ajogwu credited astute foreign exchange exposure management, supported by improved currency availability and relatively stable exchange rates, for reducing forex-related losses compared with previous periods. The chairman reiterated the company's commitment to local raw material sourcing and continued product innovation as pillars of long-term competitiveness.
All product categories demonstrated resilience during the quarter, with Ready to Drink beverages registering particularly strong growth as the company capitalised on shifting consumer preferences and targeted distribution expansion.