Guinness Books Double-Digit Profit Rise

Diageo's prized West African unit Guinness Nigeria continues to stride promisingly in the 160mn-populated market, reporting an 11% year-on-year (y-o-y) increase in net income to NGN18.99bn (US$122.5mn) in the year to June 30 2008. Equally impressive from BMI's point of view was the 29% y-o-y increase in turnover to NGN89.15bn. Accounting for about 25% of volume sales in Nigeria's formal beer market, Guinness Nigeria is the second largest brewer behind Heineken-owned Nigerian Breweries. With beer volume sales forecast to increase 11.7% to 1.48bn litres and value sales 35.8% to NGN582.48bn in 2013, Guinness Nigeria's focus on the mid-high end of

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