date:Sep 09, 2014
Guinness Nigeria Plc, the West African nations second-largest brewer, said full-year profit declined as drinkers in Africas biggest economy switched to cheaper brands.
Net income for the 12 months through June fell 19 per cent to 9.5 billion naira ($58.5 million), the unit of London-based Diageo Plc said today in a filing to the Nigerian Stock Exchange. Revenue retreated 11 per cent to 109.2 billion naira.
Nigerian drinkers are cutting down on premium beer such as Guinness after a rise in fuel