Declares 69K dividend
Nigerian Breweries, NB Plc has recorded a 53% drop in profit after tax for the year 2020. The company’s profit plunged from N16.105billion in 2019 to N7.52billion naira in the audited financial result ended December 31, 2020, even as its revenue spiked from N323billion to N337billion in the year 2019 and 2020 respectively representing an increase of 4.3%.
A statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, revealed that the Board of Directors will be recommending to the company’s Shareholders at the forthcoming Annual General Meeting, AGM, the declaration of a total dividend of N5.52billion, at 69k per share. The company had paid an interim dividend of 25K earlier in the year. The proposed dividend of N5.52billion at N0.69k per share will be payable to shareholders upon approval on 23 April 2021.
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.
According to Mr Agbebaku, the Board of Directors expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders.
The board commended the Company’s Management for its efforts in mitigating the impact of the COVID-19 pandemic on the business, as well as the prudent management of its resources as reflected in the reduction in expenses incurred on marketing, distribution, and administration.
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. Despite 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.
The company assured its shareholders that it remains committed to not only keeping its balance sheet strong but ensuring the health of the organization.