Guinness Nigeria Plc, the country’s second-biggest brewer, has fallen off the cliff as a hefty interest on borrowing wipe out all of operating profit therefore resulting in a loss.
The Nigerian consumer goods giant posted a loss after tax of N2.55 billion in the nine months ended March 2017 from a profit position of N864.10 million the previous year.
Companies in Africa’s most populous nation are grappling with a weak naira, rising inflation and a dollar shortage that tipped the economy into its first recession in 25 years.
Guinness Nigeria shares at N60.0 as of 11:00 pm, valuing the company at N90.53 billion. The shares are down 32 percent this year.
