News Details

nb

NB Proposes N28b Dividend Payout Despite Drop In Profit

  • Share

The Board of Directors of Nigerian Breweries Plc has proposed a total dividend of N28, 181, 179 (Twenty eight billion, three hundred and eighty six million, one hundred and eighty one thousand, one hundred and seventy nine naira only), that is, N3.58 (three Naira fifty kobo) per ordinary share of fifty kobo each for approval by the company’s shareholders for the 2016 financial year. In a statement filed at The Nigerian Stock Exchange, the Company said it had earlier paid an interim dividend of N7.9 billion, that is, N1.00 (one Naira only). The declared final dividend of N2.58, which is in addition to N1.00 interim dividend is a 100% earnings pay out.

Thus, the final dividend will be N20. 5 billion that is, N2.58 (two Naira fifty kobo) per share. The proposed final dividend will be subject to deduction of withholding tax at the appropriate rate and will be payable on the 4th of May, 2017, to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 8th of March, 2017.

The statement signed by the Company Secretary/Legal Adviser, Mr Uaboi Agbebaku, added that the Board also recommended for approval by shareholders, an option for qualifying shareholders to receive new ordinary shares in the Company instead of the cash final dividend, on terms and conditions as the Board may determine based on prevailing market conditions.

The 100% dividend payout is coming at a time the results of the Company were impacted by high inflation and scarcity of foreign exchange in the macro-economic environment.

An analysis of the Company’s audited results shows that Results from Operating Activities declined by 15% to close at N52.9 billion in 2016 from N62 billion achieved in 2015. Profit before Tax dropped by 27.3% from N54 billion at the end of the 2015 financial year to N39.6 billion in the same period in 2016 while Profit after tax dipped by 25.4% to N28 billion in 2016 from the N38 billion posted in 2015. The company recorded a 6.7% growth in revenue, closing the 2016 financial year at N313 billion from the N293 billion it recorded in 2015.

While commenting further on the results, Agbebaku said that the Company was able to end the year with a positive result due to its twin agenda of Cost Leadership and Market Leadership supported by Innovation. The statement acknowledged that although the operating environment

in 2017 is expected to be similar to 2016, the Company remains confident that it is well positioned to adapt to the operating environment as required, and stay committed to delivering a good return on investment to shareholders.

Regards.

Kufre U. Ekanem
Corporate Affairs Adviser
Nigerian Breweries Plc
+234 7038992759; kufre.ekanem@heineken.com

February 23rd, 2017
life

Young Entrepreneurs Jostle for Life Continental Lager Beer’s N12.5 million Progress Booster Radio Show

As the maiden edition of Life Continental Lager Beer’s Progress Booster Radio Show prepares to go…

teacher

NB Plc launches Maltina Teacher of the Year

Nigerian Breweries Plc has launched the Maltina Teacher of the Year, an initiative to recognize and…

slide

Gulder Lager Beer Relaunched In Nigeria’s Most Innovative Beer Bottle

After forty-four years in the Nigerian market, Gulder Lager Beer, the only Nigerian Lager Beer with…

arts

Entries Open for 8th National Art Competition

Nigerian Breweries Plc and the African Artists’ Foundation (AAF) have announced the opening of entries for…

wizkid

Pasuma, Wizkid, Wande Coal, Others in Unforgettable Star Music Trek Concert in Ibadan

It was a tale of would-be-stars going toe-to-toe with the top billed artistes at Trans Amusement…

news-dont drink and drive resized

NB Plc Wraps Up 2014 Dont Drink And Drive Campaign

In continuation of efforts to promote the responsible consumption of alcoholic products and safety on our…

nse 2015

Mr. Nicolaas Vervelde, CEO of NB Plc (right) receiving the 2015 Most Compliant Listed Firm award from Mr. Oscar Onyema, CEO of The Nigerian Stock Exchange

Nigerian Breweries Plc has been named the winner of The Nigerian Stock Exchange CEO’s Distinguished Award…

NB plc Announces The Arrival Of Star Lite

Nigerian Breweries has scored another first with the introduction of a new beer brand named STAR…

 

More News

Videos