• Tuesday, March 05, 2024
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BusinessDay

Guinness Nigeria posts 31 percent fall in profit, cuts dividend

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Guinness Nigeria said, on Monday cut its dividend from the N7 share it paid out for the previous year to N3.20 per share after it posted 31 per cent fall in 2014 pretax profit.

Profit at the brewer fell to N11.68 billion ($72 million) from N17.0 billion naira the previous year, sending its shares down almost 4 percent.

Shares in the local unit of Diageo, which have fallen 23 percent so far this year, were down 3.87 percent to 175.50 naira at 0948 GMT.

Revenues also declined to 109.20 billion naira in the twelve month period to June 30, compared with 122.46 billion naira during the same period last year, the company said in a filing with the Nigerian Stock Exchange.