Leading indigenous brewer, the Nigerian Breweries Plc (NB) has announced it recorded N344.56 billion in 2017 up from N313.74 billion in 2016, representing a 10 per cent increase. It is also recommending a final dividend of N4.13 per share to its shareholders.
Business Hilights recalls that the company had earlier paid an interim dividend of N7.996 billion, with the final dividend at N3.13 per share.
In its latest results, the brewer’s operating profit grew by 8 per cent from N53 billion recorded in 2016 to N57 billion in 2017 while profit after tax (PAT) increased by 16.2 per cent from N28.396 billion to N33.009 billion in 2017.
In his remarks at the 2018 Pre-Annual General Meeting (AGM) in Lagos, the Managing Director, NB Plc, Jordi Bel, said even though the Nigerian economy exited recession in the second quarter of 2017, the aftershocks continued throughout the year especially in the manufacturing sector of the economy.
According to him, while the foreign exchange situation improved in the course of the year, double digit inflation continued to impact both businesses and consumers.
He said “Despite the overall tough macroeconomic operating environment in the year, including the double digit inflation rate, the company was able to record improvement in its result through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation.
“The directors are pleased to recommend to shareholders at its forthcoming AGM, the payment of a total dividend of N33.027 billion, that is N4.13 per ordinary share of 50 kobo each for the 2017 financial year,” Bel revealed.