Nigerian Breweries recommends N12.92bn dividends for shareholders

The Board of Directors of Nigerian Breweries Plc, Nigeria’s foremost brewer, has recommended a total dividend valued at N12.92 billion for its shareholders for the 2021 financial year ended December 31.

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

A member of the HEINEKEN Group, Nigerian Breweries Plc is the pioneer and largest brewing company in Nigeria.

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

Speaking at the pre annual general meeting (AGM) media briefing held in Lagos on Thursday, April 7, 2022, the Managing Director of the company, Hans Essaadi, described the 100 percent dividend payout recommendation as clear evidence of the company’s commitment to delivering superior value to its shareholders in terms of dividends.

Read also: International Breweries, Fidelity, others push market further south

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 N89.66billion in the 2020 financial year to N123.14billion in the current financial year, representing a 37.3percent increase.

The audited results show that its Profit after Tax (PAT) increased significantly by 71.94percent, from N7.52billion to N12.93billion between the just-ended financial year and the previous year.

Get real time updates directly on you device, subscribe now.