Guinness Nigeria Plc has ruled out plans to leave the Nigerian Exchange (NGX), as the brewer reports stronger earnings, lower debt and a substantially rebuilt balance sheet.
Managing Director and Chief Executive Officer Girish Sharma said during the company’s H1 2026 Investors and Analysts Call that Guinness Nigeria had no plans to become privately held. “At this point in time, there are no plans to take the company private or re-list it. We will continue to remain a publicly listed company for now,” Sharma said.
The statement comes as the brewer’s financial position has improved sharply. Revenue reached about ₦265 billion in the six months ended June 30, while profit after tax rose 53% year on year to ₦25.3 billion. Net sales value increased almost 12%, while operating profit grew 15%.
The balance sheet has also moved in the same direction. Shareholders’ equity increased from ₦43.3 billion to ₦64.2 billion, while net debt fell from about ₦37 billion to roughly ₦19 billion. That represents a reduction of almost half in six months.
The improvement follows a difficult period for the brewer. Guinness Nigeria reported a ₦54.8 billion loss for the financial year ended June 2024 before returning to profit under Tolaram, which acquired Diageo’s controlling stake in the company in September 2024. Drinkabl.media previously traced the ownership change and its implications for the brewer’s operating model in its coverage of the Tolaram turnaround.
The recovery has not come through cost cutting alone. Guinness Nigeria spent almost ₦20 billion on capital expenditure during the first half, with investment directed towards manufacturing, infrastructure and initiatives intended to improve efficiency and support volumes.
Volume growth has become another important part of the recovery. Sharma said volumes increased by more than 21% in the first half compared with the same period in 2025, suggesting that the brewer is gaining traction beyond the price-led growth that has characterised much of Nigeria’s beverage market.
The company is also returning cash to shareholders. Management said Guinness Nigeria had declared dividends for the second consecutive time and returned close to ₦20 billion to investors. The brewer had already resumed interim dividend payments earlier in 2026 after returning to profitability.
The ownership structure remains unusual. Tolaram controls Guinness Nigeria, while Diageo retains ownership of the Guinness brand and licenses it to the Nigerian business. Drinkabl.media has previously examined how that separation of operating ownership and brand ownership is reshaping beverage investment in Nigeria.
For Guinness Nigeria, remaining listed means the recovery will continue under public-market scrutiny. The next test is whether management can sustain volume growth while preserving the lower debt position and funding further investment.
