Guinness declares N4.03b dividends as PAT rises 249%
Guinness Nigeria Plc, has approved a dividend of N4.03 billion, translating to a payout of N1.84 per share to shareholders for the financial year ended, June 30, 2018.
This was against the 64 kobo paid to shareholders for the 2017 business year, representing an increase of 187.5 per cent.The company, at its 68th Annual General Meeting in Abuja, also disclosed a significant increase in Profit After Tax (PAT) by 249 per cent at N6.7 billion compared to N1.9 billion reported in the previous year.
The 2018 financial year also showed impressive growth as it recorded a 31 per cent improvement in operating profit from N10.2 billion in 2017 to N13.4 billion in 2018. It revenue increased by 14 per cent from N125.92 billion in June 2017 to N142.98 billion.
Addressing shareholders at the occasion, the Chairman of the Board of Directors, Babatunde Savage, said despite the poor consumer purchasing power in the country, which had a marked effect in the brewing industry, Guinness Nigeria was still able to expand its operations to see a significant rise in profit.He said Guinness has demonstrated business resilience, adding that the performance showed its commitment to granting shareholders return on their investment.
“The company’s performance for the year ended 30 June, shows impressive growth and resilience. Although the challenges in the operating environment are yet to ease, the execution of our strategy is working well as we delivered both top line growth and margin expansion while also increasing investment behind our brands.”
He said the company would continue to give priority to its Corporate Social Responsibility (CSR), which he said has recorded successes in recent times, adding that it is determined to ensure sustained and steady growth in the company’s operations.
On his part, the Managing Director/CEO, Baker Magunda, said to ensure a continued long-term growth, Guinness Nigeria would invest in key categories and actively manage its portfolio to ensure consumers’ demands are met.
He added: “Guinness Nigeria is a company with strong and diversified portfolio and remains in leading positions in many of the fastest growing categories in the beverage industry. Our consumers remain at the heart of everything we do to drive growth.
Shareholders at the occasion attributed the impressive performance of the company to the management resilience to drive growth amid challenges. Specifically, they commended the company’s effort for the rise in the dividends payout to shareholders in the 2018 financial year.