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Guinness Nigeria posts N12.22 billion profit

Category: Daily & Weekly Market Updates

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Guinness Nigeria posts N12.22 billion profit

September 27, 2006/guardian




Guiness Nigeria Plc has announced a 51.3 per cent rise in its after tax profit in the financial year ended June 30, 2006.

By the results just released and approved by the board of directors, the company\'s after tax profit soared to N7.44 billion, up by 53.1 per cent.

Further analysis of the results indicated that turnover also stood at N53.7 billion indicating an increase of 14.5 per cent over the previous year\'s results, and a trading profit of N12.22 billion, up from N8.1 billion in the same period last year.

Consequently, the board has approved a dividend of 400 kobo per share subject to the approval of shareholders, at the upcoming yearly general meeting scheduled to hold in November, over the 300 kobo paid last year.

Besides, the board also approved the issuance of 294.99 million shares as bonus issues to the shareholders, which would be allotted in the proportion of one new ordinary share for every four ordinary shares held by existing shareholders.

Analysing the results, the company\'s Managing Director, Mr. Keith Taylor said: \"The company is pleased to present a good set of results for the 2005 financial year. Despite the continuing difficult trading conditions, we have reported a strong growth in turnover and trading profit. The trading profit benefited from the non-recurrence of the N3,638 million exceptional items recorded in the prior year.\"

Going forward, the company said it is focused on growing all segments of the beer market including larger, while striving to improve shareholder value through innovation and growth.

The company has also invested much in upgrading the Guinness Foreign Extra Stout bottle, relaunched Harp Larger beer to drive its thrust in that important segment and launched Guinness Extra Smooth, which captured consumers expectations in just a few weeks of launch, just as it also introduced a pre-mixed alcoholic drink, Smirnoff Ice into the Nigerian market.

These initiatives, according to the company, are evident in the results and will continue in the years to come.

Guinness Nigeria Plc, is a member of Diageo Plc, the world\'s leading premium drinks business with a collection of beverages and alcoholic brands across spirits, wines and beer categories.

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