Our Reporter: CHINENYE ANUFORO
Shareholders of Guinness Nigeria Plc have endorsed the payment of N4.8 billion dividend earlier recommended by the Board of Directors for the year ended June 30, 2014 translating to N3.20 per ordinary share of 50 kobo each.
Addressing shareholders at the 64th Annual General Meeting, AGM, the Chairman, Mr. Babatunde Savage, noted that following the company’s return to profitability in the first quarter ended September 30, 2014, the growth would be carried into the 2015 full year financials, while thanking the shareholders for their unflinching support for the company during its period of challenges few years back.
“The fundamentals of our company have not changed. We are confident that the growth we have witnessed in the early part of the 2015 financial year will mark a return to growth in spite of the headwinds of the economic and political environment which affected performance in recent years,” he said.
Shareholders that spoke at the meeting commended the company for the dividends in spite of the tough operating environment.Speaking on behalf of others, National Coordinator, Independent Shareholders Association of Nigeria, ISAN, Sir Sunny Nwosu, said:
“Dividends are due to us shareholders and we are glad that Guinness Nigeria is giving us something this year. Admittedly, it has dropped from what it has been in previous years, but we also have companies paying out five kobo dividends. So, we are happy to receive this dividend payout from Guinness Nigeria Plc.”
Explaining the decision to pay out N3.20k dividends, Mr. Savage said the company wished to re-invest its profits to ensure long term profitability. “We want to reduce the cost of borrowing and financial charges and instead use our funds to grow the company.
Source : SunOnline