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Guinness Nigerias half year profit drops by 11%
February 8, 2010

Guinness Nigeria Plc has recorded a drop in profit after tax by N876m in its unaudited result for the half year ended September 30, 2009.

According to the report released on the floor of the Nigerian Stock Exchange, profit after tax stood at N7.183bn in 2009 compared with N8.059 in 2008, representing a decline of 11 per cent or N876m.

The company’s turnover rose by 24 per cent or N10bn to close at N53.842bn, as against N43.483bn in the comparable period of 2008.

The company explained it had invested significantly on the brand portfolio to drive growth.

The statement reads, ”There has been continued investment in capacity expansion. These investments, combined with cost pressures resulted in a year on year decline in profit after tax for the half year.”

Vitafoam Nigeria Plc also released its audited result for the year ended September 30, 2009. The result shows a turnover of N9.758bn, as against N8.172bn recorded in 2008, representing a 19 per cent or N1.5bn increase.

Profit after tax and exceptional items stood at N510.8m compared to N698.3m in 2008. The board of directors had earlier recommended a dividend of 25 kobo per share.

Chevron Oil Nigeria Plc informed the NSE of a change of name to Mrs Oil Nigeria Plc, as approved by the shareholders of the company at its annual general meeting held last year. The change took effect last week on the daily official list.

Meanwhile, in the Over the Counter market for FGN Bonds, a turnover of 299.14 million units, valued at N337.834bn in 3,037 deals was recorded last week, in contrast to a total of 300.34 million units, worth N341.704bn exchanged in 3,171 deals recorded in the previous week.

The most active bond, measured by turnover, was the fifth FGN Bond 2013 Series 4 with a traded volume of 38.2 million units, valued at N42.660bn in 286 deals.

The fifth FGN Bond 2018 Series 2 followed with a volume of 35.25 million units, worth N41.180bn in 329 deals.

 

The Punch as at 8th Feb. 2010

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