Business
Nigeria Guiness Is Second Largest – Babatunde
The Chairman of Guinness Nigeria Plc, Mr Babatunde Savage has said Nigeria has become second largest market for Guinness worldwide.
The chairman stated this in Lagos last week while addressing stockbrokers and officials of the Nigeria Stock Exchange at the company’s pacts behind the figures programme. He said that Nigeria has surpassed Ireland, the nativity of the company.
The retired Chairman of Guiness Nigeria Plc, Mr Ralph Alabi, said the brand equity of Guinness Nigeria is very strong and its marketing activities second to none in the country.
He said the company is the only one in West Africa that is 150 certified in food quality, adding that the reputation of the company is based on its strong brands.
However, Savage said the company’s remarkable performance over the years is based on accountability and transparency in corporate governance. He also said the company’s share price was undervalued if it is viewed against the background of its price earning ratio of 14 percent for the financial year ended June 30, 2009.
Furthermore, Mr Dipo Aina, former President of Chartered Institute of Stockbrokers (CIS) allegedly disagreed with Guinness reasoning being that Guinness is insignificant float of the company’s shares in the market, adding that only 10 percent of the company’s equity is available for trading in Nigeria Stock Exchange (NSE).
Also speaking at the programme, Mr Devlin Hainsworth, Managing Director of Guinness Nigeria highlighted the impressive performance of the company during its financial year ended June 30, 2009. He said the company’s turnover rose from N69.2 billion in 2008 to N89.2 billion, representing a growth of 29 percent while profit after tax increased from N11.9 billion representing a growth of 13.5 percent.
Hainsworth said the board of the company has dividend of N7.50 per share based on issue share capital of 1.5 billion shares. He attributed the company’s good performance in 2009. to the management strategy.
The former CIS president explained that only Guinness investors with 50,000 and below are the investors who are selling their shares, adding that unless there is enough shares to sell, there will be nothing to stimulate the price.
He also advised the company to join its public and rights in order to increase its share capital from 1.5 billion to 2 billion shares.
The company was recently given social enterprise report award (SERA) for being the best company bioenvironmental sustainability.
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