Shareholders of Nigerian Breweries Plc have approved a total dividend of N16.1billion for the year ended December 31, 2020, at the company’s 74th annual general meeting (AGM) in Lagos. The total dividend translates to a dividend per share of N2.01 per share.
The shareholders commended the board and management of the company for being resilient in the face of the challenging operating environment and appreciated the dividend payment which was coming at the right time in view of current economic realities.
Speaking at the AGM, the Chairman of the Company, Chief Kola Jamodu, said the company had earlier paid an interim dividend of N3.99 billion, that is, 50 kobo per share, in December 2019, and the final dividend of N12.1 billion.
He explained that Nigerian Breweries recorded a net revenue of N323 billion as against N324.4 billion recorded in 2018, noting that some of the factors that impacted on the company’s performance in 2019 were inflation at double-digit rate, increase in input cost and further rise in the Excise Duty rate which could not be passed to the consumer due to continued pressure on purchasing power.
According to him, the business was, nevertheless, able to post a profit after tax of N16 billion for the year due to series of innovations and implementation of cost efficiencies.
While thanking the shareholders for their commendation, suggestions and overall support, Jamodu assured them that the company remained focused on delivering long term sustainable value to its shareholders in line with its philosophy of ‘Winning with Nigeria’.