Guinness Nigeria's Proposes N1 billion Dividend As Profit Surges 110%

Breweries company, Guinness Nigeria Plc, has released its full-year audited financial statement for the year ended  June 30, 2021, revealing a 110 percent increase in profit after tax.

The audited results which were released to the Nigerian Exchange Group (NGX) at the financial year-end indicated that revenue increased 54 percent to N160bn versus the prior period of 2020.

Operating profit increased by 177 percent benefitting from lapping significant impairments in the prior year and reduced administrative expenses arising from productivity savings.

The company however revealed that its net finance costs remained on a similar level as last year despite the lower debt position, due to the devaluation of Naira impacting the foreign currency-denominated trading balances.

Also, cost of sales jumped 61 percent year-on-year to N114.71 billion, while Administrative expenses declined 27 percent to N10.5 billion.

As a result, earnings per share jumped 110 percent to 57kobo, leading the company's board to recommend N1 billion in dividends.