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Guinness gets approval to pay N4.8bn dividend

By on November 16, 2014

Guinness Nigeria Plc on Thursday got the approval of its shareholders for the payment of N4.8bn as dividend, representing N3.20 per ordinary share, for the financial year ended June 30, 2014.

The approval for the payment of the dividend, which starts today (Friday), was one of the major decisions taken at the company’s 64th Annual General Meeting, which was held in Calabar, Cross River State.

The AGM also witnessed the introduction of the company’s new Managing Director and Chief Executive Officer, Mr. John O’Keeffe, who is taking over from Mr. Seni Adetu.

Citing their company’s result for the first quarter of its 2015 financial year, which showed that it grew its pre-tax profit by six per cent, the Chairman of the Board of Directors of Guinness Nigeria Plc, Mr. Babatunde Savage, told shareholders that the trend would be sustained.

This, according to him, is especially so with the festive season was approaching.

Savage said the board of the company was optimistic on the strategic initiatives by the management.

He said, “The fundamental of our company have not changed. We are confident that this financial year will mark a return to growth in spite of the headwinds of the economic and political environment.”

Savage had earlier notified the shareholders that Adetu would be bowing out as Managing Director after the Annual General Meeting.

He thanked Adetu for his accomplishments, which included production lines expansions and brand innovations among others, and wished him well as he moved on with his career.

Speaking further, Savage explained that the board would always work to fulfill the wishes of the shareholders, strengthen the company’s sales strategy and explore the export of Guinness Stout and other brands.

The Chairman of the Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, acknowledged the restructuring that was currently ongoing in the company, adding that what was to be shared was profit and not dividend.

“It is the profit that will be shared at 320 kobo. The truth is that the company has an ongoing business and they have gone through restructuring. But I will advise them to review the portfolio and encourage new entry,” he said.

 

[Punch]