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Guinness Nigeria Profit Rises 31%

By on September 13, 2011

Guinness Nigeria Plc’s full-year net income through June rose 31 percent to 17.93 billion naira ($115 million) from 13.74 billion naira a year earlier, the company said in a statement e-mailed today by the Nigerian Stock Exchange.

Vetiva Capital Management earlier reported the profit as 26.2 billion naira, compared with 19.9 billion naira a year earlier, which is the profit before tax. Revenue climbed to 123.6 billion naira, from 109.4 billion naira, the statement said.

Guinness, Nigeria’s second-biggest brewer by market value, will pay a dividend of 10 naira per share for the period, the statement added.

“This is a good dividend payment,” Olamidun Laniyan, a Lagos-based analyst at Vetiva, said by phone today. “It is broadly in line with our expectations.” Guinness paid a dividend of 8.25 naira per share last year, she said.

Guinness shares were unchanged at 228 naira by the 2:30 p.m. close in Lagos. The stock has gained 20 percent this year, compared with a decline of 15 percent in the Nigerian Stock Exchange All-Share Index over the same period.

 

2 Comments

  1. OEmerem

    September 16, 2011 at 4:07 am

    No this is not a good dividend. The company needs to split its shares on 10 to 1 bonuses to dilute the holdings. The time is now. Also the company need to diversify into other areas towards it raw material needs from local sources.  It should go into bottles water, carbonated drinks and juices through subsidiary arms in each state to create employment. All these are belated.

  2. Josiah

    September 19, 2011 at 8:12 pm

    Guinness should be commended for a well deserved annual report.  The management’s determination to grow the company is highly commendable.  I pray the trend should continue so that others may follow.  Area such as Reseach and Development should have special consideration for future devolpment of the company.  I once again commend the efforts and contribution of the entire staff of Guinness  for a well done job. It is however my anticipation that Guinness will imporve upon its dividend next year as the anticipated phenomenal growth is almost guaranteed.