By Chioma Obinagwam
The Board of Directors of Nigerian Breweries Plc has announced its results for the 2017 operating year with a dividend recommendation of N33 billion to its shareholders.
The recommendation, which amounts to a total dividend of N4.13 (four Naira thirteen kobo) per share for the 2017 operating year was part of the company’s filing to The Nigerian Stock Exchange on Thursday, 15th February 2018.
The recommended dividend is inclusive of interim dividend of N8 billion, which is N1.00 (one naira only) per share earlier paid by the company in November 2017.
In the company statement signed by the Company Secretary/Legal Adviser, Nigerian Breweries Plc, Mr. 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 per cent increase in PAT from N28.4 billion in 2016 and a 10 per cent growth in turnover from N313 billion in the corresponding period.
According to Mr. 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”.
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.