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Guinness profits increase in 1990.

Guinness profits increase in 1990

Guinness PLC announced that profit for 1990 increased 23 percent to $1.47 billion. Net profits for the year was $436 million, the company said.

"During 1990, we have traded reasonably well, in spite of difficult conditions in several of our markets," commented Guinness chairman Anthony Tennant. "The results have benefited from the strength of our brands and the advantage of a wide geographical spread of sales. Marketing spending has continued to grow in real terms, following the very substantial increase in recent years."

Guinness Brewing Worldwide, according to Tennant, has another good year and achieved profits of nearly $278 million.

Sales of Guinness Stout continued to show significant international volume increases, outpacing the growth of the world beer market for the seventh successive year, Tennant continued.

"Our joint venture in Malaysia and Singapore," Tennant explained, "which includes Heineken company, achieved good results which exceeded our expectations. In North America, we acquired All Brand Importers in the USA and Rymax Corporation, one of our distributors in Canada. Guinness is now the third largest distributor of imported beer in the United States.

"Since the year-end," Tennant reported, "GuinnessBrewing Worldwide has completed the acquisition of Cruzcampo, which is the largest and most profitable brewer in Spain."
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Publication:Modern Brewery Age
Date:Apr 1, 1991
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