Shareholders of Nigerian Breweries Plc have approved a total dividend of N16.1 billion for the year ended December 31, 2020. This was disclosed in a statement issued by the company and seen by Nairametrics.
The statement stated that the approval was given by the investors at the Company’s 74th Annual General Meeting (AGM) on Tuesday. The total dividend translates to a dividend per share of N2.01 per share.
Chairman of the Company, Chief Kola Jamodu, explained that Nigerian Breweries had earlier paid an interim dividend of N3.99 billion, which is 50 kobo per share, in December 2019, and that the final dividend will therefore be N12.1 billion, which comes to N1.51 per share and that would become payable on June 24, 2020.
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Meanwhile, company recorded a net revenue of N323 billion as against N324.4 billion recorded in 2018. Jamodu attributed the company’s performance in 2019 to inflation at double-digit rate, increase in input cost and further rise in the Excise Duty rate which could not be passed to the consumer due to continued pressure on purchasing power.
According to him, the business was nevertheless able to post a positive Profit After Tax of N16 billion for the year due to series of innovations and implementation of cost efficiencies.
Assuring investors of a brighter future, Jamodu said that the Company remained focused on delivering long term sustainable value to its shareholders in line with its philosophy of ‘Winning with Nigeria’.
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Nairametrics had reported that the brewer released its latest earnings report for the first quarter period ended March 31st, 2020.
The financial report, which became publicly available on Wednesday, April 22nd, showed that the brewers’ profit decreased significantly by 31.4% to N5.5 billion. See the key highlights below.
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Net Revenue: Nigerian Breweries’ net revenue for the Q1 period under review stood at N83.2 billion. In Q1 2019, the company’s net revenue was also N83.2 billion.
Meanwhile, the brewer’s cost of sales increased slightly by 0.23% to N48.3 billion, up from N48.2 billion in Q1 2019.