Despite a 1.93% increase in revenue of alcoholic beverage maker, Nigerian Breweries (NB), its profit took a dive of 17%, according to the company’s financial statement for the 9 months period ended September 30, 2019.
NB’s revenue stood at N259.9 billion as against N254.9 billion recorded in 2018, representing a marginal increase of 1.93%.
Profit before tax, however, nosedived by 23.37% to N17.2 billion when compared to N22.5 billion in 2018. The company also had a drop in its profit after tax of N12.3 billion by 17% from N14.8 billion in 2018.
Cost of sales had a marginal drop of 2.68%. The company incurred N139.5 billion in 2019 as against N143.4 billion cost of sales incurred in 2018.
NB also incurred N57.5 billion for marketing and distribution, marking an 11.73% increase from N51.4 billion in 2018. Administrative expenses cost the company 14.3 billion, 11.69% less than N16.2 billion recorded in 2018.
Earnings per share dropped to 153 kobo from 185 in 2018.
Nigerian Breweries also declared an interim dividend of 50 kobo per ordinary share of 50 kobo each. The dividend is subject to withholding tax deduction and approval from the board of directors.
Qualification date is November 21, 2019, while the register of members will be closed from November 22 to November 28, 2019. The dividends will be paid electronically on December 9, 2019, to shareholders who have completed e-dividend registration with Securities and Exchange Commission (SEC) and whose name appeal on the register by the qualification date.
Nigerian Breweries closed at N46.05 during Friday’s trading session on the floor of the Nigerian Stock Exchange (NSE).
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