Business

Nigerian Breweries declares N7.52b net profit as dividend

The board of directors of Nigerian Breweries (NB) Plc has earmarked the entire net profit of N7.5 billion recorded in 2020 for payout to shareholders as cash dividends for the business year, The Nation reports.

The company will pay a final dividend of N5.52 billion in addition to an interim dividend of N1.999 billion earlier paid during the business year.

With these, shareholders will receive a final dividend per share of 69 kobo in addition to 25 kobo earlier paid during the year, bringing the total dividend per share to 94 kobo.

The dividend recommendation was part of the highlights of the audited report and accounts of the company for the year ended December 31, 2020 released at the Nigerian Stock Exchange (NSE).

The report showed that turnover rose by 4.3 per cent to N337.01 billion in 2020 as against N323 billion recorded during the corresponding period in 2019.

In the statement by Company Secretary and Legal Director, Nigerian Breweries (NB) Plc, Uaboi Agbebaku, the Board of Directors commended the company’s management for mitigating the impact of the COVID-19 pandemic on the business.

The board also noted the prudent management of resources as reflected in a seven per cent reduction in expenses incurred on marketing, distribution, and administration.

The company pointed out that only qualifying shareholders whose names appear on its register of members at the close of business on March 10, 2021 will be paid the final dividend.

The board would also be recommending to shareholders for their approval at the forthcoming annual general meeting (AGM), a right of election for qualifying shareholders to receive new ordinary shares in the company as against the final dividend in cash.

The company stated that despite the negative impact of COVID-19 on its operations, it made noteworthy donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the federal and seven state governments’ COVID-19 Task Forces Relief Funds.

The board of directors expressed confidence that the company is well-positioned to continue to deliver return on investment to shareholders.

According to the company, it remains 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.

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