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Nigerian Breweries pays N16.1b dividend
Nigerian Breweries pays N16.1b dividend
June 26, 2020

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SHAREHOLDERS of Nigerian Breweries (NB) Plc have approved a total dividend of N16.1billion for the 2019 business year, representing a dividend per share of N2.01.

At the company’s 74th Annual General Meeting (AGM) held by virtual attendance and through proxies in Lagos, shareholders praised the board of the company for ensuring that investors continued to get returns on their investment.

They urged the company not to relent in looking for innovative ways to improve on its performance thereby ensuring that it remains ahead of the pack.

Speaking at the meeting, Chairman, Nigerian Breweries Plc, Chief Kola Jamodu said that the company had earlier paid an interim dividend of N3.99 billion or 50 kobo per share in December 2019, adding that the final dividend would therefore be N12.1 billion or N1.51 per share. The final dividend became payable yesterday, June 24, 2020.

A breakdown of the company’s results for the period revealed that it recorded a net revenue of N323 billion as against N324.4 billion recorded in 2018.

Jamodu explained that some of the factors that impacted on the company’s performance in 2019 were inflation at double-digit rate, increase in input cost and further rise in the Excise Duty rate which could not be passed to the consumer due to continued pressure on purchasing power.

According to him, the business was nevertheless able to post a positive profit after tax of N16 billion for the year due to series of innovations and implementation of cost efficiencies.

While thanking the shareholders for their commendation, suggestions and overall support, Jamodu assured them that the company remained focused on delivering long term sustainable value to its shareholders in line with its philosophy of ‘Winning with Nigeria’.


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