Home FEATURED Nigerian Breweries Earns ₦323 Billion, Declares ₦16 Billion Profit For 2019

Nigerian Breweries Earns ₦323 Billion, Declares ₦16 Billion Profit For 2019

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Nigerian Breweries Plc has announced a profit after tax of ₦16.1 billion for the 2019
Financial Year. According to the audited financial results released to The Nigerian Stock
Exchange, the Company also made a Revenue of ₦323 billion during the period.
The statement further stated that the Board of Directors will be recommending to the
Company’s Shareholders at the Annual General Meeting coming up on the 22nd of April,
2020, the declaration of a total dividend of ₦16.07 billion, that is, ₦2.01k per share
representing a hundred percent dividend pay-out ratio.
The Company had earlier, in 2019, paid an interim dividend of ₦3.9 billion which translated to ₦0.50k per share; thus, the final dividend will be ₦12.07 billion, that is, ₦1.51k per share. If the proposed final dividend is approved, this will become payable on the 23rd of April, 2020 to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 4th of March, 2020.
In the statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the
2019 Profit after Tax was lower than the ₦19.4 billion recorded in 2018 representing a 17
per cent decline, while the Revenue also dipped from the ₦324.3 billion recorded in 2018,
signifying a 0.4 percent decline. Mr. Agbebaku says that the 2019 Results were adversely
impacted by the second instalment of the increased excise duty rates that came into effect during the year and a challenging operating environment.

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