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Nigerian Breweries assures on returns as shareholders get N7.5b dividend
#1
Nigerian Breweries assures on returns as shareholders get N7.5b dividend
April 26, 2021

[/url][Image: Nigerian-Breweries-600x375.jpg]

Nigerian Breweries
[size=undefined]
[/size]




By Taofik Salako, Deputy Group Business Editor

 

The board of Nigerian Breweries (NB) Plc has reassured shareholders that the company remains committed to improving returns on investments.

The assurance came at the company’s annual general meeting as shareholders approved distribution of N7.5 billion as dividends for the 2020 business year.

Chairman, Nigerian Breweries (NB) Plc, Chief Kola Jamodu said each shareholder would receive a final dividend of 69 kobo per ordinary share of 50 kobo, having received an interim dividend of 25 kobo per share earlier in the year.

He assured that the company is committed to improving value to shareholders while putting measures in place to sustain long-term business growth, despite the economic challenges.

Company Secretary and Legal Director, Nigerian Breweries (NB) Plc, Uaboi Agbebaku noted that the 2020 financial year recorded a significant boost in sales volume even though the cost of sales rose from N191.76 billion to N218.36 billion.

Agbebaku who was optimistic about the growth of the company going forward, said the company would continue to give utmost priority to the welfare of its shareholders in its decision making.

A breakdown of the company’s audited results shows that its profit after tax in 2020 financial year stood at N7.52 billion while net revenue increased from N323 billion to N337.01 billion, representing a modest increase of 4.3 per cent. Marketing and distribution expenses reduced from N77.70 billion in 2019 to N70.7 billion in 2020, while administrative expenses also dipped by 1.79 per cent from N19.30 billion to N18.96 billion, largely due to elimination of bad costs.



Shareholders commended the total dividend payout as a highlight of the exceptional performance recorded by the company in the 2020 financial year.

They noted that the 2020 report was a strong reflection of the company’s stability as well as its resilience in the face of the global pandemic and operating challenges in the economy.

Shareholders expressed appreciation to the board and management of the company for exhibiting the great capacity to keep the company going and stable amid the global pandemic and other operating challenges confronting it.

They gave kudos to the company for making a total dividend payment at a time when most listed companies find it hard to pay dividends to their shareholders.

One of the shareholders, Mr. Boniface Okezie commended the board and management of the company for helping to maintain a strong and healthy balance sheet amidst recession and inflation that had affected businesses and the Nigerian economy in general.

According to him, the fact that the company remains competitive despite the huge impact of the COVID-19 pandemic on businesses demonstrates the uniqueness of the cost-saving measures deployed.

“Despite the impact of the recession and COVID-19 pandemic, the company was still able to maintain stability. This goes to show the quality of leadership at the company. I must confess that the board and management have done well to keep to its promise of paying dividends. We can only hope that they keep up the tempo so that we can receive higher dividends in the next financial year,” Okezie said.




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