NIGERIAN Breweries Plc has announced 10.3 per cent increase in revenue from N266 billion recorded in 2014 to N293 billion in 2015.
In its 2015 audited results filed with the Nigerian Stock Exchange, the company’s shareholders would enjoy a total dividend of N4.80 per ordinary share of 50 kobo each for the 2015 financial year. If approved by shareholders at the upcoming yearly general meeting, the amount would be the highest dividend paid by the company in its 70- year history.
The company had earlier paid an interim dividend of N9.5 billion culminating to N1.20kobo per share. Thus, the final dividend will be N28.5 billion translating to N3.60 per share. According to the company, the proposed final dividend will be subject to deduction of withholding tax at the appropriate rate and will be payable on May 12, 2016, to all shareholders whose names appear on the company’s register of members at the close of business on March 2, 2016.
An analysis of the 2015 financial performance showed that operating activities declined by 6.9 per cent to close at N62 billion in 2015 from N66 billion achieved in 2014. Profit before tax dropped by 11.3 per cent from N61 billion at the end of the 2014 financial year to N54 billion in the same period in 2015 while profit after tax dipped by 10.5 per cent to N38 billion in 2015 from the N42 billion posted in 2014.
The result, according to the company was impacted by reduced consumer purchasing power and increased cost of doing business mainly due to inflation and devaluation.
In a statement signed by the company secretary and legal adviser, Uaboi Agbebaku, the company was able to achieve strong results and deliver good return on investment to shareholders due to its agenda of cost and market leadership, supported by innovation.
The statement noted that 2016 would witness a continuation of the tough operating environment but added that barring any unforeseen circumstance, the board remains confident that with the company’s strong portfolio and its cost leadership agenda, it would take advantage of any upswing in the market.
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