Nigerian Breweries declares N1.9 bln dividend from 9-month profits
Nigerian Breweries has declared an interim dividend of N1.9 billion with a payout of 25 kobo per ordinary share to its shareholders from profits made in the nine months to September 2020.
According to the unaudited and provisional results filed at The Nigerian Stock Exchange (NSE), the local unit of Dutch Heineken said it posted a Profit after Tax of N6.94 billion during the period compared with N12.27 billion in the previous year.
The companies Profit before tax stood at N10.97 billion compared with N17.22 billion in the same period of last year.
The brewer recorded a 0.7 percent decline in net revenue to N234 billion at the end of September 2020 from N235.7 billion at the end of nine months period to September 2019.
This marginal decline can be attributed to factors such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5 percent to 7.5 percent and most importantly, the impact of the COVID-19 on most businesses across the world.
According to a statement signed by the Company Secretary/Legal Director, Nigerian Breweries, Uaboi Agbebaku, the company will continue to focus on efforts to mitigate the impact of the pandemic on its operations, while protecting the health, safety and welfare of employees, customers and partners.
He noted that the interim dividend is payable on Tuesday, December 1, 2020 to all shareholders registered in the books of the company as at Friday, November 20, 2020