Guinness shareholders get N4.72bn dividend

Guinness shareholders get N4.72bn dividend

November 17, 2006/punch

 

 

Guinness Nigeria Plc will today, pay N4.719bn to shareholders as dividend for the year ended June 30, 2006. The shareholders on Thursday, approved the board of directors’ recommendation for the payment of a dividend of N4.7bn, which represents a dividend of N4 per ordinary share.


They re-elected the company’s Chairman, Chief Ralph Alabi, and three others as directors during the 56th Annual General Meeting in Abuja where the annual report and financial statements for the year were approved.


They also endorsed the board’s proposal for the issuance of 294.99m bonus shares of 50 kobo each, which translates to one new ordinary share for every four ordinary shares already held.

The dividend represents an increase of 33.3 per cent over the N3.54bn paid to the shareholders in 2005.

In his address at the meeting, Alabi said the beer market recorded a slight recovery in 2006 compared to the decline of about five per cent in 2005.

He said, “The slight recovery in 2006 is largely attributable to the positive impact of declining inflation and slightly improved liquidity in the economy.

“It is my hope that this recovery will be sustained going into the New Year.â€ÂÂÂÂÂ

 

The shareholders commended the board and management for the company’s financial statements that showed improvement in terms of profitable growth and shareholders returns.

 


For instance, the Chairman of the Abuja Chapter of the Nigerian Shareholders Solidarity Association, Chief Innocent Nwokocha, who applauded the payment of dividend and bonus issue, said the AGM was ÃÃâ€
’¢â‚¬Å“a celebration of excellence and performance.â€ÂÂÂÂÂ

 

The company recorded a growth of 14.4 per cent in turnover from N46.86bn in the preceding year to N53.65bn in 2006, while the shareholders’ funds grew by 14.9 per cent to N20.95bn in 2006 from N18.23bn in 2005.

 

The company also reported 82.2 per cent growth in profit before tax from N6.28bn in 2005 to N11.44bn in 2006 while the profit after tax grew by 53.1 per cent from N4.85bn in 2005 to N7.44bn in 2006.

It’s earnings per share and dividend per share rose by 53.2 and 33.3 per cent from 412 kobo and 300 kobo in 2005 to 631 kobo and 400 kobo, respectively. – punch


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