Shareholders of Nigerian Breweries to get N16.1 bln dividends
Shareholders of Nigerian Breweries, the local unit of Dutch brewer Heineken have approved a total dividend of N16.1 billion for the 2019 financial year.
The approval was given at the annual general meeting of the shareholders in Lagos, that the company should pay a dividend per share of N2.01 per share.
According to the chairman of the board of the brewer, Kola Jamodu the Company had earlier paid an interim dividend of N3.99 billion, that is, 50 kobo per share in December last year.
The company will be paying N12.1 billion final dividends translating to a total for the year to N12.19 billion.
at N1.51 per share which would become payable on June 24, 2020.
The Company recorded net revenue of N323 billion at the end of the last financial year compared with N324.4 billion in 2018.
Jamodu said the company income was impacted by double-digit inflation, increase in input cost and a further rise in the Excise Duty rate which could not be passed to the consumer due to continued pressure on purchasing power.
He said in spite of the negative environment, the company posted a positive Profit After Tax of N16 billion for the year due to series of innovations and implementation of cost efficiencies.
Shareholders present commended the Board and Management of the Company for being resilient in the face of the challenging operating environment and appreciated the dividend payment which was coming at the right time in view of current economic realities.
The Shareholders further commended the Board for ensuring that investors continued to get returns on their investment in the Company. They equally urged the Company not to relent in looking at innovative ways to improve on its performance thereby ensuring that it remains ahead of the pack.
Jamodu at the AGM assured shareholders that the company remained focused on delivering long term sustainable value to its shareholders in line with its philosophy of ‘Winning with Nigeria’.