Monday, October 31, 2016 2:43 PM / CardinalStone Research
Guinness Nigeria Plc Q1'17 results - Turnover for Q1'17 increased by 5.9% YoY to
N23.0 billion in line with our estimate of a 4.6% YoY growth to N22.0 billion.
Gross profit margin however declined markedly to 28.6% from 42.9% in Q1'16, following the sustained weakness of the currency and the impact of rising local inflation on cost of sales.
Added to this, net financial charges rose by 211.7% to
N2.9 billion weighed down primarily by foreign exchange losses on the company's foreign currency denominated loans to the tune of N2.2 billion although lower than the prior quarter of N3.5 billion.
Consequently, the company reported a loss after tax of
N2.2 billion for the quarter. Loss per share for Q1'17 is N1.48 compared to EPS of N0.24 in Q1'16.
Based on CardinalStone’s last review, GUINNESS has a target price of
1. GUINNESS Declares N2.23bn Loss in Q1 17 Results SP N80.00k
2. Diageo Will Not Proceed with Potential Offer to Increase Its Equity Stake in Guinness Nigeria
3. Guinness Nigeria Plc - No Sign of Respite in the Very Near Term
4. Guinness Nigeria Plc - Uphill Battle for Brewer
5. Mr John O'Keeffe Elected as Vice Chairman of Guinness Nigeria Plc Board of Directors
6. Guinness Nigeria Plc Reports Pre-tax Loss of N4.4bn in Q4’16 Results
7. GUINNESS Declares N2.02bn Loss in 2016 Audited Result SP N100.00k
8. GUINNESS Records Unimpressive Q3 Result Downgraded to Underperform
9. GUINNESS Records 83.4 Decline in PAT in Q3 16 Result SP N99.84k
10. Guinness Nigeria to pay fine of N11.4 million
11. Guinness Nigeria Q3 ‘16: -0.5bn PBT loss off 33% drop in sales yoy
12. GUINNESS Records 83.4 Decline in PAT in Q3 16 Result SP N99.84k
13. GUINNESS Records 83.4 Decline in PAT in Q3 16 Result SP N99.84k
14. GUINNESS to List N10bn Series 2 and Series 3 Commercial Paper Issues on FMDQ OTC Platform
15. Guinness Nigeria posts a weak Q2 2016 neutral rating retained
16. GUINNESS acquires exclusive distribution rights to Diageo International Premium Spirits brands