Guinness Nigeria Board Proposes 64k Final Dividend

By Modupe Gbadeyanka

The board of directors of Guinness Nigeria Plc has recommended the payment of a final dividend of N964 million, representing a dividend of 64 kobo per ordinary share.

However, the firm, in its full year financial statements released to the Nigerian Stock Exchange (NSE), explained that the dividend payment was subject to approval at its next Annual General Meeting (AGM).

Last year, Guinness Nigeria paid a final dividend of N753 million, representing 50 kobo per ordinary share.

Guinness Nigeria Plc said closure date for the dividend is September 29, 2017, while the payment date is October 26, 2017.

It further said its Annual General Meeting has been slated for Wednesday, October 25, 2017.

In the financial statements analysed by Business Post, the company recorded a gross profit of N48.3 billion which is 16 percent higher versus the previous year and an operating profit of N10.2 billion representing an increase of 131 percent year on year.

Commenting on the results, Mr Peter Ndegwa, Managing Director/CEO of Guinness Nigeria, said that the company’s results were driven by a relentless focus on executing our strategy and keeping costs down.

“Despite the challenging economic conditions, we have remained focused on executing our company’s total beverage strategy which gained further traction with strong growth in our international premium spirits portfolio following our first full year of distribution,” he said.

Commenting further, Mr Ndegwa said, “Our gross profit of N48.3 billion is as a result of volume growth, pricing benefit and a favourable sales mix as we continued to invest in our expanded brand portfolio during the year.

“Part of that investment includes the N4.7 billion spirits line for locally manufactured spirits which we commissioned in Benin.

“These strategic acquisitions and expansions have filled the gaps in the spirits brand base allowing us to compete across all categories of the alcoholic beverage market in Nigeria.

“We remain committed to executing our productivity agenda with a strong focus on cost reduction, distribution and operational efficiencies.”

Also speaking on the results, Mr Babatunde Savage, Chairman, Guinness Nigeria Plc, said that the company remains committed to the Nigerian market.

“It is pleasing to see that the decisions we have taken in recent years have helped to position the company for sustained business growth.

“We are grateful for the strong support that our shareholders have afforded us over the years. With our continuing focus on driving performance and our determination to positively impact the lives of Nigerians. We look forward to continuing to give Nigerians a reason to celebrate life every day and everywhere,” he said.