Guinness Nigeria CEO speaks to 2023 earnings forecast

Guinness Nigeria's new Managing Director and CEO, John Miswinga, recently visited the Nigerian Exchange on a familiarization visit. During an interview with CNBC Africa, he discussed the company's earnings forecast for 2023 and outlined the growth plans moving forward. Miswinga highlighted the company's strategy to become a Total Beverage Alcohol (TBA) player, offering consumers a range of products including beer, spirits, ready-to-serve drinks, and non-alcoholic beverages. This strategic approach, implemented several years ago, has shown promising results, with significant growth in both beer and spirits segments. Despite facing challenges such as inflation and limited access to foreign exchange, Guinness Nigeria has managed to sustain its growth and expand its margins. Miswinga attributed this resilience to the dedication of the company's teams and the continued support of Nigerian consumers. He also expressed optimism about the Nigerian government's efforts to address business environment challenges, including potential reforms in foreign exchange and fuel subsidies. While acknowledging short-term challenges due to supply chain disruptions and rising inflation, Miswinga remained confident in the long-term outlook for the company. He emphasized the resilience of the beverage alcohol category, noting its performance during and post-COVID as evidence of consumer demand for these products. Miswinga also addressed the potential impact of increased inflation on consumer purchasing power, highlighting the company's commitment to promoting responsible drinking practices. Despite the anticipated fluctuations in consumer spending, Miswinga remained optimistic about Guinness Nigeria's ability to navigate the current economic landscape and emerge stronger in the medium to long term. The CEO's strategic insights and positive outlook underscored the company's determination to thrive amidst evolving market conditions.