Shareholders of Nigerian Breweries approve N12.92bn total dividends

Shareholders of Nigerian Breweries Plc (NB) have approved a total dividend of N12.92 billion for the 2021 financial year. The approval was granted during the 76th yearly general meeting held in Lagos at the weekend.

Hans Essaadi, Managing Director of the company who addressed shareholders at the meeting, said the company is committed to delivering higher returns to shareholders in a consistent manner.

He assured shareholders that the company would continue to invest in all aspects of its operations to grow the business and maintain the positive growth trajectory to enhance robust dividend payout.

Essaadi said the company is well-positioned to invest in and grow all aspects of its business operations on a sustainable basis.

The Chairman of the company, Kola Jamodu disclosed that each shareholder would receive a final dividend of N1.20 kobo each at an ordinary share of 50 kobo, having received an interim dividend of 40 kobo in December 2021.

Jamodu explained that despite increased competition, the company still maintains its market leadership, while also ensuring good returns on investments from investors in the financial year.

Also speaking at the meeting, the Company Secretary/Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku, said that the 2021 financial year saw significant improvement in performance, as reflected in the growth of other income, which rose from N0.83billion in 2020 to N4.63 billion in 2021.

Agbebaku affirmed that the company’s management remains committed to consistently delivering superior value to shareholders and taking decisions in their best interest. He expressed optimism that the company would continue to witness growth.

The shareholders who spoke at the meeting described the total dividend payout to shareholders as a step in the right direction following an impressive financial performance recorded by the company in the 2021 financial year.

The President of Progressive Shareholders Association, Boniface Okezie, appreciated the company for demonstrating immense capacity to manage its resources prudently, which yield exceptional performance for the company as seen in the revenue and the profit recorded for the year.

Okezie expressed satisfaction with the company for the consistent payment of dividends noting that such a gesture has endeared it to the heart of many investors.

A breakdown of the company’s audited results shows that its Profit after Tax (PAT) recorded for the 2021 financial year stood at 12.93billion, representing significant growth from the previous year’s figures.

According to the 2021 financial year result, marketing, distribution, and administrative expenses rose from N89.66billion in the 2020 financial year to N123.14billion in the 2021 financial year, representing a 37.3 per cent increase.