GUINNESS Notifies of Material Circumstances With Impact on Its FY2020 Results

Proshare

Thursday, July 02, 2020 / 11:35 AM / NSE / Header Image Credit: Guinness Nigeria


Proshare Nigeria Pvt. Ltd.


The Board and Management of Guinness Nigeria PLC wishes to notify the Securities and Exchange Commission, the Nigerian Stock Exchange and the investing public as follows:

  • The adverse impact of the sharp contraction in economic activities and the knock-on effect of the COVID-19 lockdown took a toll on the on-trade segment of the business across all our markets. Production and revenues have thus been negatively affected.

  • Guinness Nigeria carried out a comprehensive review of its asset base and made a strategic decision to impair a certain category of assets, which were generating suboptimal returns. This is in line with the company's long-term strategy of delivering value to shareholders.

  • Due to a combination of the impact of COVID-19 and the asset impairment, we expect the profitability of the Company for the Financial Year to 30th June 2020 to be impacted. The Company's balance sheet however remains strong, and this gives the Board the confidence that the Company has the right resources to continue to deliver the strategy.

The audited financial results for the Year as approved by the Board will be published in accordance with extant rules and guidelines after the completion of the year end audit in the month of August 2020.

 

Visit Guinness Nigeria Plc IR Page in Proshare MARKETS 

Graph - One Year Share Price Movement

 Proshare Nigeria Pvt. Ltd.

 

Table:  Q1 2020 Unaudited Results

Proshare Nigeria Pvt. Ltd.

 

Proshare Nigeria Pvt. Ltd.


Related News

1.       Guinness Nigeria Plc Series 1 and 2 Commercial Paper Is Coming soon...

2.      Guinness Nigeria Q3 2020 Earnings Largely Undermined by FX Dislocation...

3.      GUINNESS Declares N1.4bn PAT in Q3 2020 Results,(SP:N18.40k)

4.      Guinness Nigeria Q2 2020 Results Review Maintaining Underperform Rating...

5.      GUINNESS Declares N1.32bn PAT in Q2 2020 Unaudited Results, (SP:N30.20k)

6.      GUINNESS Q1'20 Results: Lower Revenue and Higher Leverage Underpins Weak Operating Performance

7.       GUINNESS Declares N370.41m Loss in Q1'20 Results,(SP:N29.35k)

8.      Guinness Nigeria Plc Holds 69th AGM; Declares N4.03b Dividend

9.      GUINNESS Declares N5.48bn PAT in Q4 2019 Results; Proposes N1.52k Final Dividend (SP:N41:40k)

10.  Guinness Nigeria Q3 2019 Results Review: Underperform Rating Maintained

11.    Guinness Nigeria Plc Q3 19 - Intense Competition Bite Earnings

12.   GUINNESS Declares N1.67 bln PAT in Q3'19 Results,(SP:N54.00k)

13.   Nigerian Brewers -  NB Tops on EPS, GUINNESS Tops on PE Ratio As INTBREW Records Negative ROE



Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP