BUSINESS TURNAROUNDS

Sharp turnaround for Guinness Nigeria as it reports strong profits

By our African Marketing Confederation News Team | 2026

Scale of the rebound under new owner Tolaram is notable in a market recovering from currency devaluation and weak consumer buying power.

Beverages company Guinness Nigeria, which was bought by the Singapore-based Tolaram group in 2024 from Diageo, has reported strong profits following a turbulent post-takeover period.

Girish Sharma (right) discussing the Guinness Nigeria turnaround at the 2025 AMC Conference

Girish Sharma (right) discussing the Guinness Nigeria turnaround at the 2025 AMC Conference

Guiness Nigeria – which has seven trademark brands including Smirnoff vodka and Captain Morgan rum in addition to Guinness beer products – reported that profit came in at N41.2-billion, reversing a N54.8-billion loss previously. Net finance costs dropped to N20.9-billion from N99.1-billion, easing pressure on the bottom line. One United States dollar is equal to 1,341 Nigerian naira 

 

“The latest results cover 18 months, extending beyond the traditional 12-month cycle. Even so, the scale of the rebound is notable in a market just recovering from currency devaluation, surging input costs and weak consumer purchasing power,” comments Business Day Nigeria. 

 

“With revenue at a record high and equity rebuilt, the brewer has bought itself breathing room. The next test would be proving the recovery can endure in a market where costs remain volatile and competition is fierce.” 

 

Next phase of growth 

 

Tolaram acquired Diageo’s shareholding in Guinness Nigeria in June 2024. At the time, Diageo commented: “Diageo remains deeply committed to Nigeria and will retain ownership of the Guinness brand, which will be licensed to Guinness Nigeria for the long-term, enabling the next phase of growth and development of Guinness Nigeria under the stewardship of Tolaram.” 

 

Girish Sharma, a seasoned executive with over two decades of experience within Tolaram, took over as MD and CEO in October 2024. 

 

At the 2025 African Marketing Confederation conference held in Accra, Ghana, he took to the stage in a CEO Session to discuss the turnaround of the business since he assumed leadership.  

 

In a frank discussion anchored by Ghanaian market researcher Ato Micah, he outlined the critical decisions and on-the-ground actions taken by the new Tolaram management team following the takeover from Diageo. In the period following the takeover, revenue rose by 66%, operating profit by 87% and net profit by 130%. 

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Jason Lottering
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    Dr Kin Kariisa

    Group CEO - Next Media

    Dr. Kin Kariisa is an extraordinary force at the helm of Next Media Services, a conglomerate encompassing NBS TV, Nile Post, Sanyuka TV, Next Radio, Salam TV, Next Communication, Next Productions, and an array of other influential enterprises. His dynamic role as Chief Executive Officer exemplifies his unwavering commitment to shaping media, business, and community landscapes.
    With an esteemed academic journey, Dr. Kariisa’s accolades include an Honorary PhD in exemplary community service from the United Graduate College inTexas, an MBA from United States International University in Nairobi, Kenya, a Master’s degree in Computer Engineering from Huazong University in China, and a Bachelor’s degree in Statistics from Makerere University.
    Dr. Kariisa pursued PhD research in Computer Security and Identity Management at Security of Systems Group, Radboud University in Nijmegen, Netherlands. As a dynamic educator, he has shared his expertise as a lecturer of e-Government and Information Security at both Makerere University and Radboud University.

    Dr Kin did his PhD research in Computer Security and Identity Management at Security of Systems Group, Radbond University in Nigmegen, Netherlands. He previously served as a lecturer of e-Government and Information Security at Makerere University in Kampala, Uganda and Radbond University in Netherlands.

    Dr Kin did his postgraduate courses in Strategic Business Management, Strategic Leadership Communication and Strategies for Leading Successful Change Initiatives at Harvard University, Boston USA.

    • Other current and previous roles played by Dr Kin Kariisa:
    • Lecturer of e-Government and Information Security to graduate students at Makerere University, Kampala and Radbond University in the Netherlands
    • Director of Eco Bank Uganda Limited, one of the largest banks in Africa
    • Chairman of the National Association of Broadcasters, an umbrella industry association for all Television, Radio and online broadcasters in Uganda.
    • Chairman of Board of Directors of Nile Hotel International, that owns the leading hotel in Uganda, Kampala Serena Hotel.
    • Chairman of Board of Directors of Soliton Telmec Uganda, the leading telecom company in Optic fibre business managing over 80% of optic fibre in Uganda.