Directors of Nigerian Breweries Plc, Nigeria’s foremost brewer, say the decision to recommend 100% dividend payout for approval at the forthcoming annual general meeting is a clear evidence of the company’s commitment to delivering superior value to its shareholders in terms of dividends.

The company recommended a total dividend valued at N12.92bn for its shareholders for the 2021 financial year, representing a 100 percent payout with a total dividend of N1.60 per ordinary share of 50kobo each. An interim dividend of N0.40 had earlier been paid in December 2021, following which shareholders will now receive a final dividend of N1.20k each on April 22, 2022 electronically.

Speaking at the pre-AGM media briefing held in Lagos on Thursday, April 7, 2022, Managing Director of the company, Hans Essaadi, said the company’s 2021 financial year result shows a net revenue of N437.2bn, against the N337.01bn in the previous year.

Essaadi attributed the improved performance for the year to the growth of other income from N0.83bn to N4.63bn between the corresponding period in 2020 and the current year.

“As a company, we are committed to delivering values to our stakeholders, people, community, trade partners, consumers, and most especially our shareholders by continuing to deliver good financial results and give good returns on investments despite the challenge economic and operating environment,” Essaadi added.

According to the FY result for 2021, marketing, distribution, and administrative expenses experienced a sharp rise from N89.66bn in the 2020 financial year to N123.14bn in the current financial year, representing a 37.3% increase.

A breakdown of the audited results shows that Profit after Tax (PAT) increased significantly from N7.52bn to N12.93bn between the just-ended financial year and the previous year.