Guinness Nigeria, said on Monday its 2014 pre-tax profit fell to 11.68 billion naira ($72 mln), down 31 percent from 17.0 billion naira the previous year, sending its shares down almost 4 percent.

The brewer also cut its dividend to 3.20 naira per share, compared with the 7 naira per share it paid out for the previous year.

Shares in the local unit of Diageo, which have fallen 23 percent so far this year, were down 3.87 percent to 175.50 naira at 0948 GMT, reports Reuters.

Revenues also declined to 109.20 billion naira in the twelve month period to June 30, compared with 122.46 billion naira during the same period last year, the company said in a filing with the Nigerian Stock Exchange.