WorldStage Newsonline– Guinness Nigeria Plc, a public company quoted on the Nigerian Stock Exchange (NSE) has released its financial statements for the year ended 30 June 2020 with 21% decline in revenue at N104.376 billion from N131.498 billion in 2019.
The company incorporated in Nigeria on 29 April 1950 but since transformed itself into a manufacturing operation and its principal activities continue to be brewing, packaging, marketing and selling of of Guinness Foreign Extra Stout, Guinness Smooth, Malta Guinness, Guinness Gold, Harp Lager, Smirnoff Ice, Satzenbrau Lager, Dubic Malt, Snapp, Orijin Spirit Mixed Drink, Orijin Bitters, Smirnoff Ice Double Black with Guarana, Orijin Zero and Orijin Herbal Gin, Baileys Delight, Gordons Moringa among others.
The lockdown occasioned by the COVID- 19 this year reflected negative on the operations of the company with a loss after tax of N12.58 billion from a profit of N5.484 billion in 2019.
Guinness Nigeria in the report http://www.nse.com.ng/Financial_NewsDocs/31308_GUINNESS_NIG_PLC-_QUARTER_5_-_FINANCIAL_STATEMENT_FOR_.pdf published at the Nigerian Stock Exchange on Thursday, August 27, 2020 said no dividend has been recommended by the Board of Directors for approval at the forthcoming Annual General Meeting as against N3.329 billion in 2019.
The report said, “Since the last Annual General Meeting, held on 23rd October 2019, there have been no changes or new appointments unto the Board and the Board remains stable and uniquely positioned to provide the right level of strategic leadership and direction for the Company.”
It also confirmed that the directors to retire by rotation as Messrs. Leo Breen, John O’Keeffe and Mrs. ‘Yemisi Ayeni and, being eligible, hereby offer themselves for re-election
On the impact of COVID- 19 on its operation, the report said, “During the initial phase of the lockdown imposed by the Federal Government, as a food manufacturer and distributor as defined under the National Agency for Food and Drug Administration and Control (NAFDAC) Regulations, authorisation to allow continuity of commercial activities had been obtained from relevant government agencies to allow continuation of trading activities, where possible.
“Following the easing of the lockdown, our Benin site has been partially reopened to allow for the running of our Spirit line and packaging line within the site. Regarding our Ogba site, the Brew House team has returned to work as well.
“Within both sites, we continue to strictly control the number of persons on site in order to ensure adherence to social distancing guidelines and the necessary PPEs (hand sanitizers, gloves, wipes, masks as required) have been provided to all employees. Transportation arrangements have also been made for essential employees required on site and temperature checks continue to be observed before site access is granted to any employee.
“There are isolation rooms at the various Guinness Nigeria sites with trained personnel in the event of suspected cases. Also available is a dedicated Guinness Nigeria emergency response line which has been communicated to all employees
“As Federal and State Governments continue to ease the imposed restrictions, the Guinness Crisis Management Team and the Guinness Nigeria Leadership Team continue to assess how working conditions may be adapted going forward even after this pandemic has been resolved.
“We will continue to quickly adapt the mitigations noted above as and when the need arises and further update our stakeholders of these changes.”
