The directors of Nigerian Breweries Plc have recommended for approval at the next annual general meeting billed for April 26, 2023, the payment of N13.872bn, which translates to N1.43 per ordinary share of 50 kobo each to shareholders, being total dividend for the financial year ended December 31, 2022.
Recall that the company had last October distributed an interim dividend of ₦3.288bn which translated to 40k per share, while the payment of the final proposed dividend of ₦10.584 billion at ₦1.03 per share will be made after the AGM. Qualifying shareholders whose names appear on the Company’s Register of Members at the close of business on March 16, 2023 will receive the final dividend.
A statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, reported that revenue for the period improved to N550.48bn, representing a 26% growth from N437.2bn recorded in the corresponding period of 2021.
Profit after Tax for the period under review rose by 8%, compared to the previous N12.93bn to N13.93bn in 2022, blaming the sluggish growth on the seemingly unholy tripod of the country’s high inflation, devaluation of the Naira, and high energy prices which led to a 33% increase in marketing, distribution, and administration expenses from N123.13bn in 2021 to N163.60bn. These were also responsible for the 22% growth in Cost of Sales from N276.87bn in 2021 to N337.31bn.
Agbebaku noted that the economic challenges experienced during the year under review significantly affected disposable income among consumers, but that the company showed great resilience, guided by its strong premium portfolio, brand mix improvements and strong pricing.