Thursday, July 02, 2020 / 11:35 AM / NSE / Header
Image Credit: Guinness Nigeria
Board and Management of Guinness Nigeria PLC wishes to notify the Securities and Exchange
Commission, the Nigerian Stock Exchange and the investing public as follows:
- The adverse impact of the sharp contraction in economic activities and the
knock-on effect of the COVID-19 lockdown took a toll on the on-trade segment of
the business across all our markets. Production and revenues have thus been
- Guinness Nigeria carried out a comprehensive review of its asset base and made
a strategic decision to impair a certain category of assets, which were
generating suboptimal returns. This is in line with the company's long-term
strategy of delivering value to shareholders.
- Due to a combination of the impact of COVID-19 and the asset impairment, we
expect the profitability of the Company for the Financial Year to 30th June
2020 to be impacted. The Company's balance sheet however remains strong, and
this gives the Board the confidence that the Company has the right resources to
continue to deliver the strategy.
audited financial results for the Year as approved by the Board will be
published in accordance with extant rules and guidelines after the completion
of the year end audit in the month of August 2020.
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