Business

Nigerian Breweries reports N337bn revenue in FY’20

Nigerian Breweries Plc has posted N337.01 billion for the financial year ended 31, December 2020.

 

This result represents a percentage increase of 4.3 per cent compared to N323 billion recorded during the corresponding period in 2019.

 

The company’s audited financial statement for the year also showed a profit after tax of N7.52 billion from N16,11 billion in 2019. In the statement signed by the Compan y  Secretary/Legal Director, Uaboi Agbebaku, the Board of Directors commended the company’s management for its efforts in mitigating the impact of COV ID-19 on the business, as well as the prudent management of its resources as reflected in a seven per cent reduction in expenses incurred on marketing, distribution, and administration.

 

The statement further revealed that the Board of Directors would be recommending to the  company’s dhareholders at the forthcoming annual general meeting the declaration of a total dividend of N7.52 billion, at 50k per share representing a hundred percent dividend payout ratio.

 

Recall that the company had earlier in 2020 paid an interim dividend of N1.999 billion which translated to N0.25k per share. The final proposed dividend of N5.52 billion at N0.69k per share will be payable to shareholders upon approval on 23 April 2021.

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