BY MICHAEL EBOH
Guinness Nigeria Plc has announced plans to undertake significant investment in the expansion of its operations and capacity in Nigeria in the next couple of months.

Speaking at a forum ahead of its forthcoming Annual General Meeting in Lagos, Chairman of the company, Mr. Babatunde Savage, said the planned investment is a reflection of its confidence in the Nigerian economy and commitment to the country’s development.

He reiterated the commitment of the company to adding value to the society, especially in terms of contributing to the economic growth of the country.

He explained that the company has continually made significant investment in the long term success and growth of its business, especially in capacity expansion projects.

According to him, the capacity expansion projects will facilitate the extension of its products offering and improve efficiency.

“In spite of the current economic conditions,” he said, “our faith in the Nigerian economy remains unshaken. We hope that the end of calendar year 2011 will mark the turning point in the recovery of the global economy. We expect the Nigerian economy to continue to grow and we are focused on ensuring that our company benefits from that development.”

Speaking in the same vein, Managing Director of the Company, Mr. Devlin Hainsworth, said the company will be investing significantly in its brewing and packaging facilities.

Investment in its brewing and packaging facilities, he explained, will help in bringing about a growth in its business and in increasing the availability of its products.

He disclosed that the company will focus on improving its distribution channels, ensuring that its products are taken to the length and breadth of customers and to a large number of customers.

In its financial performance for the year ended, June 30, 2011, the company recorded a turnover of N123.66 billion, rising by 13 per cent from N109.367 billion recorded in its 2010 financial year.

It recorded an operating profit of N26.54 billion, appreciating by 28 per cent from N20.786 billion recorded in 2010, while its profit before tax grew by N31 per cent to N26.177 billion from N19.99 billion in 2010.

The company’s profit after tax appreciated by 31 per cent to N17.928 billion in its 2011 financial year, compared to N13.736 billion in 2010.

The company is proposing a final dividend of N14.75 billion, compared to a dividend of N12.17 billion in 2010. This represents a dividend per share of N10 for 2011 and N8.25 for 2010.