Guinness Nigeria Plc has managed to recover from the losses it posted from its operations in 2020 due to factors bothering on macro economic uncertainties.
As the company recovered from a N12 billion loss after tax suffered after full year operations last year, it moved further to deliver N1.26 billion bottom line to its shareholders for the full year ended June 30, 2021.
Consequently, shareholders have commended the board and management of the company for pulling out of the red zone, delivering profit and declaring dividend of N1.008 billion to investors.
The commendations came during the 71st Annual General Meeting (AGM) of the company held Tuesday in Lagos, where Dr. Omobola Johnson, the Chair, Board of Directors of the company presented the financial scorecards of Guinness Nigeria for the period under review.
Speaking at the meeting, Sunny Nwosu, the Coordinator Emeritus of Independence Shareholders Association of Nigeria (ISAN), said shareholders are pleased with the performance of the company amidst challenging operating environment and challenges occasioned by Coronavirus pandemic.
According to him, “It is commendable that at a time when many companies are downsizing, scaling down and shutting down in some cases, the board and management team of the Guinness Nigeria worked hard to not only deliver impressive numbers but also employed more Nigerians.”
Reacting on behalf of the shareholders as a proxy, the National Chairman, New Dimension Shareholders Association of NigeriaPatrickAjuduanoted 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.
Reeling out the financial scorecard of the company for the year under review, the Mrs. Johnson noted that the revenue of the company rose significantly by 54 per cent from N104.38 billion in 2020 to N160.42 billion in 2021.
She said, “The results generally showed an impressive performance and significant improvement when compared with compared to the same period last year. This is a testament to an unwavering commitment to meeting consumer demands and as well as the company’s resilience in a challenging operating environment.
In terms of dividend payout, shareholders approved the payment of 46 kobo for every ordinary share of 50 kobo proposed by the board which amount to N1.008 billion. This, Johnson said is in recognition of importance of returns for investment in the business.
“The management of Guinness Nigeria remains resolute in the execution of its business strategy, as well as its engagement with its shareholders across its value chain. We remain firmly committed to having a positive impact on those around us and our consumers; and we continue to take giant strides toward keeping this commitment,” she said.
Meanwhile, 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 yearincreases the chances of the company’sjourney to sustained profitability.
“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.
