By Chinwendu Obienyi
Nigerian Breweries Plc has announced it recorded revenue amounting up to N324.4 billion during the periodof 2018, thus representing a 5.8 per cent decline year-on-year from N344.5 billion recorded in 2017.
According to the audited financial results released to the Nigerian Stock Exchange (NSE), the brewing company’s profit before tax (PBT) dipped by 36.9 per cent from N46.6 billion to N29.4 billion during the period under review while its profit after tax (PAT) stood at N19.4 billion in 2018 from N33 billion in 2017.
Furthermore, the company’s gross profit dropped by 11.6 per cent from N143.5 billion to N126.9 billion recorded in 2018.
In the statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the 2018 results reflected the impact of increased excise duty rates that came into effect during the year and a challenging operating environment.
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 17th of May, 2019, the declaration of a total dividend of N19.4 billion, that is, N2.43k per share representing a hundred percent dividend pay-out ratio.
The Company had earlier, in 2018, paid an interim dividend of N4.8 billion which translated to N0.60k per share; thus, the final dividend will be N14.6 billion, that is, N1.83k per share.
Thus, If the proposed final dividend is approved, this will become payable on the 20th of May, 2019 to all shareholders whose names appear on the company’s register of members, at the close of business on the 6th of March, 2019.
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