Guinness Announces 5% Top Line Growth for 2013
*Declares over N10.5bn in dividend payments
Operating profit declined by 6% and profit after tax by 17% when compared to the previous year.
Speaking to the results, Mr Seni Adetu, Managing Director/Chief Executive Officer, Guinness Nigeria Plc., said the company’s strong brands were a factor in the revenue growth.
“Our growth was bolstered by the strength of our brands, our successful innovation launches and our continued investment in capacity and improving route to market strategy. Having said this, our profitability and margins were been impacted by higher finance charges arising from the current interest rate environment. In addition to this, the market remained challenging with continued decline in beer volumes.
“We are also positive that our improving interest expense management will be reflected in a more efficient net interest margin in the coming period. Guinness Nigeria is a business with strong fundamentals and growth strategy and we will continue to focus on our route to market and delivering great consumer experiences to strengthen our position going forward.”
In the period under review, Guinness Nigeria launched new products like Snapp, a ready-to-drink beverage targeted at the women, increased the national footprint of some of its existing brands like Malt Guinness Low Sugar and refreshed the packaging for regional brands like Top Malt and Dubic.
Following the release of the results, the Directors recommend, subject to approval at the next Annual General Meeting, slated to hold on 15 November 2013, the declaration of dividend of N10.5 billion in respect of the year ended 30 June 2013, that is, 700kobo per 50kobo ordinary share.
Mr Babatunde Savage, Chairman, Guinness Nigeria Plc., said: “The company strategy and the investments in the business and communities give the Board confidence that we have the right brands, the right people and the right structure to win in Nigeria. This confidence is what has led to the proposed dividend.”
Guinness Nigeria was established in 1950, making it one of the oldest companies in Nigeria. Listed on the Nigerian Stock Exchange in 1965, it is also one of the foremost quoted companies in Nigeria. The company is the custodian of household brands like Guinness Foreign Extra Stout, Guinness Extra Smooth, Harp Lager, Malta Guinness and Malta Guinness Low Sugar, amongst others.
http://www.dailytimes.com.ng/article/guinness-announces-5-top-line-growth-2013
Written by NEWSTRAWL ONLINE UPDATE
Sodiq Oyeleke is a Media, Human Resources, Project Management and Public Relations Practitioner
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