Nigerian Breweries Declares N33b Dividend For 2017

It is a good year for shareholders of Nigerian Breweries Plc as the Board of Directors of the company has announced its results for the 2017 operating year with a dividend recommendation of N33 billion.

The recommendation, which amounts to a total dividend of N4.13 per share for the 2017 operating year was part of the company’s filing to The Nigerian Stock Exchange on Thursday, February 15, 2018.

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The dividend is inclusive of interim dividend of N8 billion, which is N1 per share earlier paid by the company in November 2017.

In the company statement signed by the Company Secretary/Legal Adviser, Nigerian Breweries Plc, Uaboi Agbebaku, the Board also announced a N33 billion profit after tax (PAT) for 2017 on a revenue of N344 billion. This represents a 16% increase in Profit after tax from N28.4 billion in 2016 and a 10% growth in turnover from N313 billion in the corresponding period.

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According to Agbebaku, “whilst the foreign exchange situation improved in the course of the year, double digit inflation continued to impact both businesses and consumers. Nevertheless, the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation”.

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The Board maintained that whilst there are some early signs of improvement in the macro-economic condition, this is yet to be reflected in consumer confidence. The Board remains confident that the Company has a clear strategy to deliver good return on investment to Shareholders as part of its commitment to Winning with Nigeria.

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