2022: Guinness Nigeria declares N15.6 billion profit

• Guinness Nigeria declares N15.6 billion profit
• The chairman of the Guinness Board
• Rotimi Odusola, the company’s secretary

For the financial year which ended on June 30, 2022, Guinness Nigeria Plc. reported revenue of N206.88 billion, compared to N160.42 billion for the same period in 2021, representing a 29% increase.

This information was provided during the 72nd Annual General Meeting (AGM) of Guinness Nigeria Plc on Tuesday in Lagos by board chairman Omobola Johnson.

In spite of the economy’s challenges, the company, according to Mrs. Johnson, had an exceptional and respectable result with significant growth in all critical areas.

According to her, the company’s profit before tax jumped by 310 percent, from N5.7 billion to N23.6 billion, and its annual profit increased by 150%, from N1.25 billion to N15.6 billion in 2022.

In addition, the chairman of the Guinness Board announced the payment of a dividend of N7.14 for each common share, or 50 kobos, pending approval.

The company’s strategy as a pioneering Total Beverage Alcohol (TBA) player and on delivering on margin-accretive brands, according to the spokesperson, contributed to the outstanding success over the course of the fiscal year.

The chairman of the Guinness Board

Guinness Nigeria declares N15.6 billion profit

“The remarkable profit improvement reflects amongst other factors, the benefits of price increases taken across all categories of our portfolio.

“The forward-looking strategic investments we have made and the array of innovative brands we have in the pipeline, make us well positioned for further growth in the 2023 financial year,” she said.

Mrs. Johnson reaffirmed the firm’s dedication to including social responsibility in its corporate strategy. According to her, the business is completely in line with Diageo’s worldwide strategy, Society 2030: Spirit of Progress, which is supported by three key pillars.

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She claims that the pillars are advancing sustainable drinking from grain to glass and promoting positive drinking, inclusivity, and diversity.

“Significantly, public health and social welfare issues have been addressed with the establishment and continued support of Guinness eye hospitals, the water of life project, and the Guinness Nigeria Plan W- empowerment program for women.

“As part of our ongoing strategy toward amplifying our diversity and inclusion units, nine women graduated from the Diageo Bar Academy (DBA) in May 2022 after intense weeks of training and skill acquisition,” she added.

According to Mrs. Johnson, the business is confident and resilient enough to meet present and upcoming business obstacles head-on, sustain profitability and hold onto its legitimate position in a fiercely competitive industry.

Rotimi Odusola, the company’s secretary

Additionally, Rotimi Odusola, the company’s secretary, stated that stockholders whose names appeared on the members register on September 23 will get dividend payments pending approval on October 26.

According to Mr. Odusola, some dividend warrants have been returned to the registrar as unclaimed, while others have neither been brought to the banks for payment nor to the registrars for revalidation.

“A list of such unclaimed dividends will be circulated and notice is given to all shareholders to open bank accounts for the purpose of dividend payment,” he said.

Shareholder Patrick Ajudua praised the company’s achievements in his remarks, despite the high-interest rate, inflation, and other factors that hindered corporate performance.

Mr. Ajudua also praised the business for its efforts to promote gender equality by graduating nine women from the Diageo bar. To boost its performance in the upcoming year, he emphasized that Guinness Nigeria Plc must increase exports and use technology more effectively.

Mr. Ajudua encouraged the federal government to create a special window for manufacturers to aid in meeting their needs for foreign currency.

Source: premiumtimesng.com