Highlights
- Guinness Nigeria Plc declared an interim dividend of ₦7.00 per share.
- Revenue grew by 20% Year-on-year (YoY) from ₦118.66 billion in Q2 2025 to ₦142.27 billion in Q2 2026.
- Gross profit grew by 20% YoY from ₦44.86 billion to ₦53.99 billion, while gross margin remained flat at 38%.
- Operating profit increased by 34% YoY from ₦18.16 billion to ₦24.34 billion.
- Profit after tax increased by 56% YoY from ₦9.57 billion to ₦14.91 billion.
Outlook
We remain positive on Guinness Nigeria’s outlook for FY 2026. The Q2 result shows a healthier earnings structure as revenue grew at a good pace while operating expenses increased more slowly. This has allowed operating profit to grow faster than revenue, which shows that the company is benefiting from its economies of scale i.e. for every additional unit produced the cost of the additional unit is reduced relative to the previous unit produced.
Guinness Nigeria Plc continues to be a Value company in the Nigerian FMCG (Fast Moving Consumer Goods) landscape. This is evident in its consistency in dividend policy since the change in management.
WSTC Research is of the view that Guinness Nigeria Plc is a value company as it is relatively undervalued at the current market price. The expectation is for potential upside in capital gains and an opportunity for consistent and predictable dividends. A great diversifier for an existing portfolio concentrated in any one sector and a good foundation for any new portfolio being created.
Please follow the link “Guinness Nigeria Plc Q2 2026 – From Recovery to Sustainable Growth” to view the whole report.
Thank you.
