In Nigeria bars today, Guinness doesn't come on top demanded beverage, due to huge competition the brand faces with the creation of new beverages by competitors. The effect of costomers choice and covid-19 has made a dent in the financial report released by the premium brand.
According to the recently released result for nine months ended March 31, 2020, the standalone Q3’20 results showed that revenue declined by 18% year-on-year (YoY), from N33.61bn in Q3’19 to N27.69bn in Q3’20.
International Breweries grew top line by 1% while Nigerian Breweries reported a flat revenue. The double-digit dip in revenue for Guinness Nigeria suggests a declining market share, amid weak demand in the industry and increased competition from its peers.
According to the recently released result for nine months ended March 31, 2020, the standalone Q3’20 results showed that revenue declined by 18% year-on-year (YoY), from N33.61bn in Q3’19 to N27.69bn in Q3’20.
International Breweries grew top line by 1% while Nigerian Breweries reported a flat revenue. The double-digit dip in revenue for Guinness Nigeria suggests a declining market share, amid weak demand in the industry and increased competition from its peers.