Post Views: 210 Shareholders of Nigerian Breweries Plc at the 74th Annual General Meeting (AGM) on Tuesday in Lagos on Tuesday voted to approve the pa...
Shareholders of Nigerian Breweries Plc at the 74th Annual General Meeting (AGM) on Tuesday in Lagos on Tuesday voted to approve the payment of N16.1bn as total dividend for the financial year ended December 31, 2019.
The dividend payout translated to N2.01 per share.
Addressing shareholders during the meeting, the company’s Chairman, Chief Kola Jamodu, recalled that a total of N3.99bn was earlier paid as interim dividend, which represented 50 kobo per share in December 2019, while a final dividend of N12.1bn or N1.51 per unit will be credited into th bank accounts of beneficiaries on Thursday, June 24, 2020.
A breakdown of the performance scorecard for the period revealed a net revenue of N323bn, a flat growth when compared to previous year’s N324.4bn.
Chief Jamodu listed factors that impacted on the company’s performance in 2019 to include th country’s double-digit inflation 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.
The company, however, posted a Profit After Tax of N16bn for the year due to what the management described in a statement, as the series of innovations and implementation of cost efficiencies.
Shareholders present commended the board for being resilient in the face of the challenging operating environment and appreciated the dividend payment which was coming at the right time in view of current economic realities. The Shareholders further commended the Board for ensuring that investors continuedto get returns on their investment in the Company. They equally urged the Company not to relent in looking at innovative ways to improve on its performance thereby ensuring that it remains ahead of the pack.
While thanking the Shareholders for their commendation, suggestions, and overall support, Chief 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’.