The Board of Directors of Nigerian Breweries Plc has declared a total dividend of N13.87 billion for its shareholders for the financial year ending 31st December 2022.
This was contained in a corporate action released via the NGX website and obtained by Nairametrics.
The dividend, which is subject to shareholders’ approval at the company’s forthcoming Annual General Meeting (AGM), translates to 143 kobo per ordinary share of 50 kobo each.
Dividend details: The statement signed by Uaboi G. Agbebaku, the Company Secretary noted the total dividend is comprised of an interim dividend of N3.288 billion, that is, 40 kobo per share which was declared in October 2022, and a final dividend of N10.584 billion, that is, 103 kobo per share.
- “If the proposed final dividend of N10.584 billion is approved, it will be subject to deduction of withholding tax at the appropriate rates.
- The final dividend will become payable on the 26th of April, 2023, to Shareholders whose names appear on the Company’s Register of Members at the close of business on Thursday, 16th March, 2023,” the statement noted.
Financial performance: For the full year 2022, net revenue grew by 26% to N550.838 billion in 2022 driven by brand mix improvements and strong pricing from N437.285 billion in 2021.
Cost of sales rose to 22% to N33.7.310 billion in 2022 from N276.872 billion in 2021 while profit after tax grew by 4% to N13.187 billion from N12.672 billion in 2021.
The company noted in the statement that the total market decreased by a high single digit reflecting pressure on consumer disposable income as well as naira devaluation and inflation.
- “Nevertheless, we outperformed the market led by our strong premium portfolio. Cost of Sales, Marketing, and Distribution expenses was under pressure due mainly to inflation, devaluation of the naira and high energy prices.
- “While the Operating Margin was flat, our Profit after Tax margin was reduced driven mainly by the increase in foreign exchange losses due to the naira devaluation and foreign currency scarcity. Despite the net margin decrease, the Company grew its Profit after Tax by 8%.”