Shareholders of Guinness Nigeria Plc, a subsidiary of UK-based Diageo Plc, have endorsed a proposed dividend payout of N15.6 billion, representing N7.14 kobo per share of 50 kobos each.
Nairametrics gathered that the shareholders approved the dividend payout during the company’s recently held Annual General Meetings (AGM).
The company’s financial result for the period that ended June 30, 2022, showed that revenue grew by 29% to N206.8 billion from N160 billion in 2021. In the same vein, profit after tax grew by 1147% to N15.5 billion from N1.2 billion in corresponding period last year.
What Guinness Nigeria is saying
While addressing shareholders at the Annual General Meeting, Guinness Nigeria’s Chairman of the Board of Directors Dr. Omobola Johnson, explained that commitment to the company’s expansion strategy and improved operational efficiency helped to sustain the growth. He said:
“We are pleased that our 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.
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”.
Also speaking at the AGM, the company’s Managing Director Baker Magunda expressed confidence that the company will continue to brace up on its path of sustained profitability.
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“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.
What shareholders are saying
Meanwhile, the National Coordinator of Aba Shareholders Association, Hon. Bright Nwabughogu said that the shareholders were glad and grateful to the management for managing the company to profitability. He said:
“I want to congratulate Guinness Nigeria for a pretty job well done. The payment of the dividends is impressive, we urge them to keep doing well and make more shareholders buy the shares. We pray that they pay higher dividends next year.”