Proshare NI

September 16, 2008 at 17:35 GMT

Brewing Giants Guinness Nigeria Plc has proposed 33 percent increase its dividend payout to investors to investors in its 2008 Financial Year End (FYE). This was contained in the company’s notice of its 58^th Annual General Meeting (AGM) made available to Proshare NI today in Lagos Nigeria.

The company in year 2007 FYE paid investors N4.50 Kobo per share dividend compared to the proposed N6.00 in the 2008 FYE indicating an increase of 33 percent in the review period.

Prior to this time, at the company’s Extra Ordinary General Meeting (EGM) held July 10, 2008, a special dividend of N6.80 kobo per share was declared and paid to investors amounting to N10 billion.

However, as earlier published by Proshare, audited results for the year ended June 30, 2008 shows that Turnover of the company rose from N62.265 billion in year 2007 to N69.172 billion in year 2008 indicating a rise of 11 percent in the review period.

Profit before Tax (PBT) also grew from N14.884 billion in year 2007 to N17.092 billion in year 2008 showing a growth of 15 percent.

While Profit after Tax (PAT) also increased from N10.691 billion in year 2007 to N11.860 billion in year 2008 representing an increase of 11 percent in the review period.

The dividend proposed if approved; Guinness Nigeria is expected to post out dividend warrants on December 03, 2008 to investors whose names appear in the register of members as at Friday, October 31, 2008.