GUINNESS NIGERIA GROWS PROFIT BY 249%

GUINNESS NIGERIA GROWS PROFIT BY 249%

Guinness Nigeria Plc has said its profit after tax rose by 249 per cent to N6.7bn for the year ended June 30, 2018, compared to the N1.9bn reported in the previous year.
The firm announced a 14 per cent growth in its revenue from N125.92bn in 2017 to N142.98bn in 2018.
This is as the firm declared a dividend of N4.03bn following the approval by its shareholders at the 68th Annual General Meeting held recently in Abuja.

According to the firm, the dividend declared translates to a payment of 184 kobo gross per share to the shareholders, representing 318 per cent increase over the dividend paid in the previous financial year.
It said the 2018 financial year showed impressive growth as it recorded a 31 per cent improvement in operating profit from N10.2bn to N13.4bn.

Addressing shareholders at the AGM, the Chairman, Board of Directors, Guinness Nigeria, Mr Babatunde Savage, said the firm had demonstrated business resilience, adding that its performance showed its commitment to ensure returns on shareholders’ investments.

“The company’s performance for the year ended 30 June, 2018 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,” Savage added.

He told shareholders that the firm would continue to focus on the three strategic pillars of productivity, expansion of its portfolio, and the execution of the commercial footprint initiatives to drive the business forward.
Savage noted that as the economy continued to improve, Guinness was determined to ensure sustained and steady growth in its operations to achieve improved returns on investments.

PUNCH.