Guinness Nigeria is returning to prioritisation of shareholder value after drawing a line under its heavy lossmaking between 2023 and 2024, and its financials regained resilience and buoyancy under new core investor Tolaram, which took over almost two years ago.
The maker of stout, gin, spirits, vodka and malt drink will pay an interim dividend of N2 per share for the first quarter, according to a disclosure on Tuesday, the first time since July 2022.
|
|
The cash reward announcement, alongside the news of its quarterly results, also out on Tuesday, which saw net profit climb 47.9 per cent compared to a year ago, only moved its share price by 0.04 per cent at the end of trade on Lagos’ Customs Street, where it is quoted.
In consequence of a loss after tax of N18.2 billion, recorded after a major devaluation of the naira drove finance costs up by 2,501.6 per cent in 2023, the company halted dividend payment.
|
|
|
|---|
It continued the trend in 2024 with net loss approaching N54.8 billion, its biggest ever, and shareholder fund plummeting to N2.2 billion from N56.4 billion.
READ ALSO: Guinness Nigeria reports N41.2 billion profit as sales more than double
Singapore-based Tolaram Group, the lead developer and major equity investor in Nigeria’s deepest sea port, the Lekki Deep Sea Port, completed a buyout of the liquor producer a year after, grabbing Diageo’s 58 per cent stake.
Diageo, the British multinational owner of Guinness’ global operations, said after divesting its stake that it is sticking to the brand’s ownership in Nigeria even though it has been licensed to Tolaram on a long-term basis.
Stay Ahead with Premium Times
Follow us on Google News and never miss breaking stories, investigations, and in-depth reporting.
Add as a preferred source on Google
According its audited report for the eighteen months to 31 December 2025, Guinness Nigeria returned to profit-making, turning in a post-tax profit of N41.2 billion, finding support from a robust growth in topline, which surged 144 per cent to N730.8 billion.
After-tax profit for the three months to March increased by 47.9 per cent to N10.4 billion. Revenue grew at a sluggish pace, inching up 3.7 per cent to N122.8 billion.
Discover more from Premium Times Nigeria
Subscribe to get the latest posts sent to your email.
More News
