Guinness Nigeria Plc, which is the highest price equity in the breweries subsector of the Nigerian Stock Exchange (NSE), yesterday declared a dividend of N8.00 per share for its shareholders for the year ended June 30, 2012.
The N8.00 dividend, however, is 20 per cent lower than the N10.00 shareholders received last year.
Besides, directors of the company have given the shareholders a scrip issue option, saying that shareholders who are entitled to receive the cash dividend have the option of receiving a scrip issue instead in the ratio of one new share for every 3 shares already held as at October 5, 2012.
The brewing firm witnessed a growth in turnover for the year but recorded a decline in profit. Guinness ended the year with a turnover of N126.288 billion, up from N123.663 billion in 2011.
But profit before tax fell from N26.177 billion to N21.075 billion, while profit after tax followed the same downward trend, to closed lower at N14.671 billion in 2012, compared with N17.928 billion in 2011.
As a result of the decline in profit, the directors slashed the dividend per share by 20 per cent from N10.00 to N8.00.
The equity remained static at N260.00 per share at the stock market yesterday, while investors traded 223,756 shares worth N58.366 million in 87 deals.
Meanwhile, trading at the stock market remained bullish as the new week opened.
The NSE All-Share Index appreciated by 0.14 per cent to close at 25,373.83, while market capitalisation added N11 billion to be at N8.077 trillion.
Thirty-one stocks appreciated led by Flour Mills of Nigeria Plc with N1.50. UAC of Nigeria Plc trailed with a gain of N1.47, while International Breweries Plc, UACN Property Development Company Plc, Roads Nigeria Plc and Union Bank of Nigeria Plc chalked up N0.68, N0.51, N0.48 and N0.35 respectively.
Conversely, 17 stocks depreciated led by Cadbury Nigeria Plc with a decline of N1.07, while PZ Cussons Nigeria Plc followed with a loss of N0.58.