Business
Nigerian Breweries declares N38bn dividend
The Board of Directors of Nigerian Breweries Plc has announced a revenue of N293 billion for the Company in the 2015 financial year. The amount shows a 10.3 per cent increase compared with the N266 billion recorded by the Company in 2014.
The results sent to The Nigerian Stock Exchange show that the Company’s shareholders would enjoy a total dividend of N4.80 per ordinary share of fifty kobo each for the 2015 financial year. If approved by shareholders at the upcoming Annual General Meeting, the amount would be the highest dividend ever paid by the company in its 70 year history.
The Company had earlier paid an interim dividend of N9.5 billion, that is, N1.20. Thus, the final dividend will be N28. 5 billion, that is, N3.60 per share. According to the statement, the proposed final dividend will be subject to deduction of withholding tax at the appropriate rate and will be payable on the 12th of May, 2016, to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 2nd of March, 2016.
Read also: ‘Nigerians spend N1tn on imported software, devices yearly’
A look at the audited results show that Results from Operating Activities declined by 6.9 per cent to close at N62 billion in 2015 from N66 billion achieved in 2014. Profit before Tax dropped by 11.3 per cent from N61 billion at the end of the 2014 financial year to N54 billion in the same period in 2015 while Profit after tax dipped by 10.5 per cent to N38 billion in 2015 from the N42 billion posted in 2014. The results were impacted by reduced consumer purchasing power and increased cost of doing business mainly due to inflation and devaluation.
The statement signed by Mr Uaboi Agbebaku, Company Secretary and Legal Adviser, says that the Company was able to achieve strong results and deliver good return on investment to shareholders due to its twin agenda of Cost Leadership and Market Leadership supported by Innovation.
The statement adds that 2016 will see a continuation of the tough operating environment of 2015, but barring any unforeseen circumstance, the Board remains confident that with the company’s strong portfolio and its Cost Leadership agenda, it should be able to take advantage of any upswing in the market.
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