NIGERIAN Breweries has recorded a revenue of N337 billion for the year ended December 2020, representing an increase of 4.3 per cent from N323 billion recorded in the corresponding period of 2019.
The company however recorded a 53 per cent fall in its profit after tax to N7.52 billion in 2020 from N16.1 billion in the corresponding period of 2019.
In a statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the Board of Directors of the company commended the company’s management for its efforts in mitigating the impact of the COVID-19 pandemic on the business, as well as the prudent management of its resources as reflected in the reduction in expenses incurred on marketing, distribution and administration.
The statement added that the Board of Directors would be recommending to the company’s shareholders at the forthcoming Annual General Meeting, the declaration of a total dividend of N7.52 billion, at 50k per share, representing a 100 per cent dividend payout ratio.
Recall that the company had earlier in 2020, paid an interim dividend of N1.999 billion, which translated into 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 23d of April 2021.
According to the statement, only qualifying shareholders whose names appear on the company’s Register of Members at the close of business on 10 March 2021 will be paid the final dividend.
Directors would also be recommending to shareholders for their approval at the forthcoming AGM, a right of election for qualifying shareholders to receive new ordinary shares in the company as against the final dividend in cash.
Despite the negative impact on its operations, it is noteworthy that Nigerian Breweries made various donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the Federal and sevenstate governments’ COVID-19 Task Forces Relief Funds.
The Board of Directors expressed the confidence that the company was well-positioned to continue to deliver return on investment to shareholders.
The company remains committed to not only keeping its balance sheet strong but also ensuring that the health, safety and welfare of its employees, customers and partners are protected, according to the statement.
