Nigerian Breweries to pay N10.584bn final dividend -

The Board of Directors of Nigerian Breweries Plc has approved the brewer’s results for the 2022 financial year, recommending the payment of a total dividend of N13.872 billion (N1.43kobo per ordinary share of 50kobo each) to its shareholders.

The company had earlier in October 2022 paid an interim dividend of N3.288 billion which translated to 40kobo per share.

The payment of the final proposed dividend of N10.584billion at N1.03kobo per share will be paid after its next Annual General Meeting (AGM) billed to hold on April 26, 2023.

Qualifying shareholders whose names appear on the Company’s Register of Members at the close of business on March 16, 2023 will receive the final dividend.

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In a statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the Nigerian Breweries Board of Directors also announced revenues of N550.48billion for the year ended December 31, 2022, which is a 26percent increase from N437.20 billion recorded in the corresponding period in 2021.

Profit After Tax (PAT) for the period under review rose by 8percent, moving from N12.93 billion in 2021 to N13.93 billion in 2022.

A breakdown of the results showed that inflation, devaluation of the naira and high energy prices led to a 33percent increase in Marketing, Distribution, and Administration expenses (which moved from N123.13 billion in 2021 to N163.60billon in 2022) and a 22percent increase in Cost of Sales (from N276.87 billion in 2021 to N337.31 billion).

Agbebaku noted that the economic challenges experienced during the year under review had greatly affected consumer disposable income, but that the company showed great resilience, guided by its strong premium portfolio, brand mix improvements and strong pricing.

Iheanyi Nwachukwu

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.