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Guinness Nigeria declares N1.008bn dividend…reassures shareholders of continued profitability

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Shareholders of Guinness Nigeria Plc have approved the N1.008billion dividend declared and recommended by the Board of the Company at the 71st Annual General Meeting held in Lagos, as the Company recorded a 54% increase in revenue for the year ended June 30, 2021.

Appreciating the support of the shareholders, the Chair, Board of Directors, Guinness Nigeria Plc, Dr Omobola Johnson maintained that the Company will keep up with its growth strategy to continue on its path of profitability.

“We are confident that our strategy is comprehensive and robust. We are keen on making the right investments that will drive growth across board and ensure our competitiveness, despite the challenging business environment. We thank our shareholders for their confidence in the Board and Management of our dear company and we are committed to ensure that we sustain the momentum,” Dr. Johnson said.

Read: Guinness Nigeria finding it hard to refinance its loans due to dollar scarcity

Johnson further explained that at the heart of Guinness’ success is innovation. “As a company, we keep tasking ourselves regarding innovation and how best to satisfy our consumers with our innovative products. An example is the recent launch of Orijin Tigernut and Ginger; an exciting new variant of the Orijin brand to expand profitability for the brand, while catering to a younger, vibrant demography of consumers. As the only Total Beverage Alcohol Company in Nigeria, we are proud of the legacies of our iconic brands and we hope to keep on turning out products that will make our consumers happy and satisfied.”

“We are also glad that our promise to you last year is being fulfilled as we have been able to implement our strategies and improve on revenue projections as manifested in our financial results. The Board will continue to support the Management in its efforts to sustain global best practices aimed at consistently delivering business growth for stakeholders”, she said.

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Read: Guinness Nigeria Plc generates N35.2 billion revenue from selling alcohol Spirits

Guinness Nigeria Plc, Corporate Relations Director and Company Secretary, Rotimi Odusola; the Board Chair Guinness Nigeria Plc, Dr. Omobola Johnson; the Managing Director, Baker Magunda and Acting Finance and Strategy Director Ogochukwu Agu addressing shareholders during the company’s 2021 Annual General Meeting (AGM) which held in Lagos on Tuesday 26th October, 2021.

Managing Director, Guinness Nigeria Plc, Mr. Baker Magunda, expressed his confidence in the company’s outlook for the future emphasizing that some key strategic decisions of the company in the last year increases the chances of the company’s journey to sustained profitability.

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“The performance of fiscal year 2021 showed that the business delivered growth despite the challenging external environment characterized by COVID-19 restrictions and high inflation. Our strategic objectives will continue to ensure we leverage local opportunities, create value and empowerment through local sourcing, while taking opportunities that will grow revenue and protect our margins,” he added.

Reacting on behalf of the shareholders as a proxy, the National Chairman, New Dimension Shareholders Association of Nigeria Patrick Ajudua noted that the financials for the year has shown a new dimension, growth and that Guinness is being repositioned from a huge negative loss to a profit in their bottom time.

“We hope that it will be sustained overtime, going by the fact that we have a lot of problems in the economy and the Covid-19, our expectations are very high and from what we have heard from the management, they are equal to the task of meeting the expectations of the stakeholders,” Ajudua noted.

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Barrister Adetutu Shiobola who represented the Highly Favoured Shareholders Association as a proxy also expressed satisfaction with the management’s stellar performance, noting that the company was moving from a loss to a profit this year, from negative to positive accounts. “Though the dividend declared is a kobo dividend but I’m happy for that unlike last year, nothing was declared. I’m happy to see that we are making some progress.”  

As part of its social responsibility, Guinness Nigeria continues to contribute its quota to the socio-economic development of the country through various initiatives such as Undergraduate scholarships, youth and women empowerment programs. The company continues to be a trailblazer in championing Inclusion and Diversity.

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