Nigerian Breweries Plc recommends N12.92bn dividend

THE Board of Directors of Nigerian Breweries Plc has recommended a total dividend valued at N12.92 billion for its shareholders for the 2021 financial year.

The recommendation represents a 100 per cent payout with a total dividend of N1.60k per ordinary share of 50kobo each.

Having been paid an interim dividend of N0.40k in December 2021, shareholders of the company are expected to receive a final dividend of N1.20k each on April 22, 2022.

Speaking at the Pre- AGM media briefing held in Lagos on Thursday, April 7, 2022, the Managing Director of the company, Mr Hans Essaadi, described the 100 per cent dividend payout recommendation as clear evidence of the company’s commitment to delivering superior value to its shareholders in terms of dividends.

The company’s 2021 financial year result shows that it recorded net revenue of N437.20 billion against the N337.01 billion recorded in the previous year.

Essaadi further explained that the improved performance for the year could be attributed to the growth of other income for the financial year, which grew from N0.83billion to N4.63Billion 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 stated.

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

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