Guinness Nigeria Plc on Tuesday said it recorded N18bn profit after tax for the 2011 financial year, 31 per cent higher than the N13.74bn profit recorded last year.According to the firm, a turnover of N123.66bn was recorded during the period as against N109.367bn the preceding year.Speaking at the companys pre-Annual General Meeting press conference in Lagos, the Chairman, Guinness Nigeria, Mr. Babatunde Savage, noted that the firm would inaugurate the first phase of its new production line by the first quarter of next year, adding that capacity expansion projects in its Ogba and Benin factories were fast nearing completion.He said, I am very pleased to report to you that the company has recorded another sterling operational performance during the financial year. Turnover improved by 13 per cent to N124bn while operating profit increased by 28 per cent to N27bn.Profit after tax for the year is N18bn representing a 31 per cent growth over the prior years performance. As a result of the strong profit delivery and in line with our priority of returning superior value to our shareholders, the directors have recommended a dividend of 1,000 kobo per 50 kobo share.Savage, however, noted that the board would be asking for the approval of the firms shareholders as regards the dividends recommendation at its AGM on Friday.Other financial highlights for the period under review as contained in the firms annual report and financial statements revealed that a profit before tax of N26.177bn was recorded as against N19.989bn in 2010.Taxation for the year 2011 stood at N8.249bn compared to N6.252bn of last year, while capital expenditure for fixed and intangible assets was placed at N12.215bn as against N6.491bn recorded the previous year.Shareholders funds for the 2011 financial year stood at N40.283bn, appreciating by 18 per cent when compared to the N34.199bn recorded the preceding year.On shareholding and substantial shareholders of the firm, the Managing Director, Mr. Devlin Hainsworth, said the issued and fully paid-up share capital of the company was 1,474,925,519 ordinary shares of 50 kobo each.The registrar of members showed that only one company, Guiness Overseas Ltd, a subsidiary of Diageo Plc, with 678,958,195 shares and 46 per cent shareholding held more than 10 per cent interest in the company, he said.Meanwhile, Savage stressed that the firm was still committed to fulfilling its corporate social responsibility to the Nigerian public and that it invested in health, education and water.During the year, 12 students from Guinness Nigerias host communities were awarded engineering and technical scholarships, he said.
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