REVENUE STREAMS GROWTH AND PROFITABILITY OF QUOTED MANUFACTURING FIRMS IN NIGERIA: EVIDENCE FROM GUINNESS NIGERIA

This study is an empirical examination of revenue streams growth and financial performance of quoted manufacturing firms in Nigeria, with a focus on Guinness Nigeria Plc. Using an ex-post facto research design, secondary data were collected from Guinness Nigeria’s annual reports covering the period 2015–2024. Key revenue streams examined include product sales, contract manufacturing, recycling, and scrap sales, while financial performance was measured using Return on Assets (ROA). Data were analyzed using simple linear regression to determine the extent of influence of revenue streams growth on profitability. The findings reveal that revenue diversification significantly improves financial performance by enhancing profitability, cash flow, operational efficiency, and competitive advantage. Specifically, product sales and recycling boosted revenue generation and efficiency, while contract manufacturing reduced costs and improved focus on core competencies. Scrap sales also contributed to cost recovery and liquidity. The study concludes that revenue stream growth has a positive and significant impact on the financial performance of Guinness Nigeria, underscoring the importance of diversification strategies in achieving sustainable growth. It recommends that manufacturing firms adopt innovative and technology-driven approaches to revenue expansion while policymakers create an enabling environment to support diversification in the sector.