Nigerian Breweries Plc has announced its audited results for the year ended December 31, 2021. The group revenue grew by 29.7percent to N437.285billion from N337.046billion recorded in 2020. Its Profit Before Tax (PBT) grew by 104.7percent to N23.701billion from N11.577billion in 2020.
Profit After Tax (PAT) of N12.672billion in 2021 as against N7.368billion in 2020 represents an increase by 72percent. Fully Diluted Earnings Per Share of 157kobo as against 92kobo in 2020 implies an increase by 70.7 percent.
The N47.50 per share Nigerian Breweries closed on February 17 implies a decline by 5percent year-to-date (YtD).
The Board of Nigerian Breweries Plc has recommended to shareholders at the forthcoming Annual General Meeting (AGM), the declaration of a total dividend of N12.921billion that is N1.60 per ordinary share of fifty (50) kobo each.
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The total dividend is comprised of an interim dividend of N3.230billion that is 40kobo per share which was declared in October 2021 and a final dividend of N9.690billion that is N1.20kobo per share. If the proposed final dividend of N9.690billion that is N1.20kobo per share is approved, it will be subject to deduction of withholding tax at the appropriate rates.
The final dividend will become payable on April 22, 2022, to shareholders of Nigerian Breweries Plc whose names appear on the company’s register of members at the close of business on March 9, 2022. The Register will be closed from Thursday, March 10, 2022, to Wednesday, March 16, 2022 (both dates inclusive) for the purpose of updating the Register.
The directors are also 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 instead of the final dividend in cash.
The election is required to be made on or before April 12, 2022. 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 Exchange Limited (NGX), starting from March 10, 2022.
