Nigerian Breweries Recommends N25bn Final Dividend, Posts N33bn Profit

By Nse Anthony-Uko
(Sundiata Post) – Nigerian Breweries Plc at the weekend announced its audited results for the year ended December 31, 2017, posted a profit after tax of N33.049 billion.
According to the company’s result released on the NSE showed that the profit grew by 16.3 per cent to N33.049 billion from N28.417 billion in 2016.
Also, the company’s revenue for the period grew by 9.8 per cent to N344.56 billion as against N313.74 billion, cost of sales grew by 12.8 per cent to N201 billion from N178.22 billion, while gross profit went up by 5.9 per cent to N143.549 billion from N135.525 billion.
The board of directors of Nigerian Breweries recommended a final dividend of N25.03 billion to its shareholders, amounting to N3.13 per share. The company in November gave an interim dividend of N8 billion or N1 per share, making a total dividend of N33 billion or N4.13 per share for the year under review.
The company secretary/legal adviser, Mr. Uaboi Agbebaku, said in a statement, “Whilst the foreign exchange situation improved in the course of the year, double digit inflation continued to impact both businesses and consumers. Nevertheless, the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation.”
The board maintained that whilst there are some early signs of improvement in the macro-economic condition, this is yet to be reflected in consumer confidence. The board remains confident that the company has a clear strategy to deliver good return on investment to Shareholders as part of its commitment to Winning with Nigeria.

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