The shareholders of Guinness Nigeria Plc at the hybrid Annual General Meeting (AGM) of the Company held in Lagos approved payment of the dividend of N7.14 kobo per share amounting to N15.6billion. The company reported a Profit After Tax (PAT) of N15.7billion for the financial year ended June 30, 2022.
The Company’s revenue for the year under review grew by 29percent to N206.8billion from N160billion while the PAT grew by 1147percent from N1.26billion in the corresponding period in the previous year.
According to Omobola Johnson, chairman, Board of Directors Guinness Nigeria Plc, commitment to the company’s expansion strategy and improved operational efficiency has helped to sustain the growth.
“We are pleased that our thorough and effective strategy is assisting us in achieving our goals. We have made strategic investments, and we will keep doing so to make sure this leads to more growth. Despite the difficult business environment, Guinness Nigeria has consistently worked to remain competitive. We will work at maintaining the remarkable trajectory that we have now because we value the confidence and trust that our distinguished shareholders have placed in us,” Johnson said.
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She added that “Guinness Nigeria remains the only Total Beverage Alcohol Company in Nigeria. We are glad that we are fulfilling our promises of sustainably conducting our business to satisfy our customers and drive better returns on investment for our shareholders. The Board will continue to support the Management’s efforts to sustain global best practices to keep our flag flying”.
Baker Magunda, Managing Director, Guinness Nigeria Plc also expressed confidence that the company will continue to brace up on its path of sustained profitability.
“This performance showed that the business will continue to deliver growth despite the challenging environment characterized by high inflation and logistics bottlenecks in the country. We will continue to leverage local opportunities and create value and empowerment through our backward integration programme that is currently benefiting hundreds of people across the country,” Baker said.
Speaking at the AGM, one of the shareholders, the National Coordinator, Aba Shareholders Association, Bright Nwabughogu said that the shareholders are glad and appreciates the management for managing the company to profitability, while he acknowledged that Guinness Nigeria remains the best brewery in Nigeria.
“I want to congratulate Guinness Nigeria for pretty job well done. The payment of the dividends is impressive, we urge them to keep doing pretty well and make more shareholders buy the shares. We pray that they pay higher dividends next year,” Nwabughogu noted.
