BOARD of Nigerian Breweries Plc has given its shareholders the option of receiving new shares of the company, just as it announced its final dividend
According to the notification issued by the Company Secretary, Uaboi G. Agbebaku, at the close of trading activities, the dividend declared by Nigerian Breweries on a per-share basis was pegged at 69 kobo per share. This puts the total dividend to be paid to shareholders at N5,517,862,415.19.
The Board of the Company however provided shareholders with the option to receive new shares of Nigerian Breweries, as Qualifying Shareholders have the right of election to receive new ordinary shares in the company instead of the final dividend in cash. This election is required to be made on or before the 10th of April, 2021.
In view of this, the Reference Share Price for the purpose of determining the number of shares due to Qualifying Shareholders who elect for the share option will be a ten-day trading average of the Company’s share price on the floor of The Nigerian Stock Exchange, starting on the 11th of March, 2021.
The brewery company, in its financial results submitted to the Nigerian Stock Exchange (NSE), showed net revenue of N337.046 billion, up from N323.007 billion, out of which cost of sales increased by N26.598 billion or 13.87 per cent; following which gross profit stood at N118.69 billion, down from N131.25 billion in the prior full year.
Other income dropped to N828.055 million from N1.005 billion, the lion’s share of which came from sale of scrap valued at N720.443 million, down from N793.649 million; followed by incme from management services amounting to N49.609 million, a decline from N60 millio.
Marketing and distribution expenses was reduced from N77.695 billiin to N70.701 billion; just as administrative expenses was also cut marginally to N18.959 billion, compared to the previous N19.355 billion; as a result of which operating profit fell to N29.817 billion from N35.205 billion
Finance income reduced to N246.283 million from N260.7 million; but finance costs jumped to N18.356 billion from N12.114 billion in the 2019 full-year; leaving net finance cost at N18.028 billion, up from N11.853 billion.
Profit before tax therefore fell from N23.351 billion in the corresponding period of 2019, to N11.576 billion; while the 41.92 per cent in income tax expense left net profit for the year at N7.368 billion, as against N16.105 billion in the preceding year.
Of this amount, the directors have proposed a total dividend of N7.517 billion, with N1.999 billion earlier paid, and a final dividend of N5.517 billion, which will be payable on April 23, 2021.
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