Guinness Nigeria Plc said in a statement on the Nigerian Stock Exchange’s website that it profit fell by 83 percent in the nine months through to the end of March, 2016.
Its earnings after tax were 864 million naira ($4.35 million) in the period, compared with 5.2 billion naira a year earlier. Revenue dropped 18 percent to 69.6 billion naira.
Guinness Nigeria’s shares fell 1.8 percent to 98 naira by 1:04 p.m. in Lagos, the commercial capital. The stock is down 42 percent since the start of 2015, compared with 28 percent for the Nigerian All Share Index. Nigerian Breweries Plc, the biggest beer maker and controlled by Heineken NV, has fallen 36 percent in that period.
There was no official explanation by the company on its results; the general economic lull in the country must have taken its toll on the company. The economy grew 2.8 percent last year, the lowest since 1999. The International Monetary Fund (IMF) said last month it will probably drop further to 2.3 percent this year.
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