The board and management of Guinness Nigeria Plc have received commendations from its shareholders for leading the company back to profitability after trouncing a loss in the prior year’s financial.
The commendations came during the 71st Annual General Meeting (AGM) of the company held in Lagos.
The company had declared N1.26 billion profit after tax (PAT) for the full year ended June 30, 2021, rising from N12.6 billion loss recorded posted in 2020.
Consequently, the shareholders approved the payment of 46 kobo for every ordinary share of 50 kobo proposed by the board which amount to N1.008 billion.
Speaking at the meeting, the Coordinator Emeritus of Independence Shareholders Association of Nigeria (ISAN), Sunny Nwosu said shareholders are pleased with the performance of the company amidst a challenging operating environment and challenges occasioned by the Covid-19 pandemic.
According to him: “It is commendable that at a time when many companies are downsizing, scaling down and shutting down in some cases, the board and management team of the Guinness Nigeria worked hard to not only deliver impressive numbers but also employed more Nigerians.”
Reacting on behalf of the shareholders as a proxy, the National Chairman, New Dimension Shareholders Association of Nigeria, Patrick Ajudua noted that the financials for the year has shown a new dimension, growth and that Guinness is being repositioned from a huge negative loss to a profit in their bottom time.
“We hope that it will be sustained over time, going by the fact that we have a lot of problems in the economy and the Covid-19, our expectations are very high and from what we have heard from the management, they are equal to the task of meeting the expectations of the stakeholders, ”Ajudua noted.
Chairman, Board of Directors, Guinness Nigeria Plc, Dr. Omobola Johnson maintained that the Company will keep up with its growth strategy to continue on its path of profitability.
“We are confident that our strategy is comprehensive and robust. We are keen on making the right investments that will drive growth across board and ensure our competitiveness, despite the challenging business environment. We thank our shareholders for their confidence in the Board and Management of our dear company and we are committed to ensure that we sustain the momentum, ”Johnson said.
Managing Director, Guinness Nigeria Plc, Mr. Baker Magunda, expressed his confidence in the company’s outlook for the future emphasizing that some key strategic decisions of the company in the last year increases the chances of the company’s journey to sustained profitability.
“The performance of the fiscal year 2021 showed that the business delivered growth despite the challenging external environment characterized by COVID-19 restrictions and high inflation.
“Our strategic objectives will continue to ensure we leverage local opportunities, create value and empowerment through local sourcing while taking opportunities that will grow revenue and protect our margins,” he added.
