By Moses Uwagbale
Nigerian Breweries Plc has declared a profit after tax of N7.52 billion and a turnover of N337.01billion in revenue for the year ended December 2020.
This result represents a 4.3 per cent increase compared to N323 billion recorded during the corresponding period in 2019.
The company disclosed this in its audited financial statement to newsmen signed by its Legal Director/ Secretary, Mr Uaboi Agbebaku on Monday in Lagos.
According to Agbebaku, the Board of Directors expressed confidence in the company’s position to continue to deliver return on investment to Shareholders.
He added that the company remained committed to not only keeping its balance sheet strong but ensuring that the health, safety and welfare of its employees, customers and partners are protected.
“The company’s boards of directors commends its management team for its efforts in mitigating the impact of the COVID-19 pandemic on the business.
“The company also lauds the prudent management of its resources as reflected in a 7 per cent reduction in expenses incurred on marketing, distribution, and administration.
“In spite of the negative impact on its operations, it is noteworthy that Nigerian Breweries made various donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the Federal and 7 State Governments’ COVID-19 Task Forces Relief Funds,” he said.
The statement revealed that the Board of Directors will be recommending to the Company’s Shareholders at the forthcoming Annual General Meeting the declaration of a total dividend of N7.52billion, at 50K per share representing a hundred per cent dividend payout ratio.
“Recall that the Company had earlier in 2020, paid an interim dividend of N1.999billion which translated to N0.25k per share.
“The final proposed dividend of N5.52billion at N0.69k per share will be payable to shareholders upon approval on April 23, 2021,” it read in part.
The statement further noted that only qualifying shareholders whose names appear on the Company’s Register of Members at the close of business on 10 March 2021 will be paid the final dividend.
“Directors would also be recommending to Shareholders for their approval at the forthcoming AGM, a right of election for Qualifying Shareholders to receive new ordinary shares in the Company as against the final dividend in cash,” it read.
