Proshare Logo
   Market Date: 29-01-2015   
Agriculture ARTS FINANCE All One Min News Archives Bonds Cap Mkt Sentiments Capital Market CASHLESS NIGERIA Commodities Corporate Earnings Daily & Weekly Market Updates Elections Enterpreneurship ETFs Forex Frauds & Scandals General Global Market Insurance Investors NewsBeat Islamic Finance Mergers & Aquisitions Money Market Mortgage Mutual Funds Nigeria Economy Oil Sector Opinions and Analysis Pensions People Personal Finance Politics Power Products & Services Professionals Property Public Offers Private Placements Regulators REITs Stock PICKS Taxation Telcos Travel & Tours Unlisted OTC MARKET World of Business

Guinness records profit amidst economic downturn

Category: Investors NewsBeat

  Read (2026)
Guinness records profit amidst economic downturn

At a time when most companies are recording losses because of the current economic downturn, Guinness Nigeria Plc has posted a 14.2 per cent profit after tax in its financial year, which ended June 2009.

In the Annual Report and Account presented to shareholders, the company’s turnover grew by 29 per cent from N69.172 billion to N89.148 billion, while its profit after tax increased from N11.860 billion to N13.541 billlion.

In recognition of the performance and return on investment for its shareholders, Guinness’ Board of Directors, during the 59th Annual General Meeting in Lagos, on Tuesday, recommended the payment of a dividend of N11.062 billion; representing N7.50 per share.

Tough season
Babatunde Savage, the company’s Chairman, said, “I am pleased to report that Guinness Nigeria produced an impressive financial result for shareholders even in this year of considerable turmoil in the global and Nigerian economies and increased competitive activities.” He said Guinness achieved success because it sharpened its focus on excellent execution of its strategic plans and motivated its employees to deliver.

Mr. Savage, who took over from Ralph Alabi three months ago, said the year 2008 was one of the most challenging periods in the economic and financial evolution of the Nigerian market, and that the economic challenges of 2009 are daunting but not insurmountable.“The initial, but widely held view, that the Nigerian economy was insulated from the global downturn is now being questioned,” Mr. Savage said.

“The banking system, which has hitherto benefited from the effects of recapitalisation and consolidation, has shown some signs of weakness – recently contained by the Central Bank of Nigeria’s injection of Tier-2 capital.”

However, he believes that the credit growth will be restored to the system so that most companies will be in a position to share in the much anticipated recovery of the economy. “The Board is determined to ensure that it is appropriately prepared to offer direction and leadership to the business at a time of great challenge and competitive economy.”

Shareholders commendation
Sunny Nwosu, the National Coordinator of the Independent Shareholders Association of Nigeria, praised Guinness’ board of directors, saying, “Guinness gave us (shareholders) cause to smile in time of financial crisis.”


Tags: , 

Comment With Your Facebook or Yahoo! ID

Latest news

News on Investors NewsBeat

About Us

Who We Are
Our Team & Partners
Corporate Governance
Advertise with Us
Subscribe / Unsubscribe
Site Map
News Feed - RSS
Contact Us
Volunteer Program
Message from CEO

News & Features
The Analyst / Market Data
Investor Relations Portal
The Regulator
Economy & Politics
Training Portal
Events Calendar
NewsStands - Online Reputation

Products and Services

Research & Market Intelligence
Analyst Services
Offers & Rights Support Service
Investor Relations Services
Alert & Subscription Services
Share Support Services
Proshare Consult
Event & Seminar Coverage
Market Directory
File a Complaint
News & Analysis

News from TheANALYST
Video News from WebTV
Money Market Updates
Opinions & Analysis
Nigerian Economy
Market Data
The Regulator
Discussion Forum

Subscriber Agreement
Privacy Policy
Data Policy
Copyright Policy
Comments in Site
Advertising Code
Conflict of Interest
Content Partnership
3rd Parties

Online Trading and Execution
Legal Support Services
Web/Technology Services
File a Complaint

CBN Governor 2014