Shareholders of Nigerian Breweries Plc have approved a total dividend of N16.1 billion for the year ended December 31, 2019 at the rate of N2.01 per share.
This followed approval of the proposed dividend by the shareholders of the company at the its 74th Annual General Meeting (AGM) in Lagos recently.
The Chairman of the company, Chief Kola Jamodu, said the company had earlier paid an interim dividend of N3.99 billion, translating to 50 kobo per share, in December 2019.
He said the final dividend of N12.1 billion, translating to N1.51 per share, became payable effective June 24, 2020.
A breakdown of the Nigerian Breweries results for the period revealed that it recorded a flat net revenue of N323 billion as against N324.4 billion in 2018.
Jamodu said some of the factors that impacted on the company’s performance in 2019 were inflation at double-digit rate, 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 the Nigerian Breweries was nevertheless able to post a profit after tax of N16bn for the year due to a series of innovations and implementation of cost efficiencies.
Shareholders at the event commended the board and management of the company for being resilient in the face of the challenging operating environment.
They appreciated the dividend payment, which they said was coming at the right time in view of current economic realities.
The shareholders also commended the board for ensuring that investors continued to get returns on their investment in the company.
They urged the company not to relent in looking at innovative ways to improve on its performance.
While thanking the shareholders for their commendation, suggestions and support, Jamodu assured them that the company remained focused on delivering long-term sustainable value to its shareholders in line with its philosophy of ‘Winning with Nigeria’.
The AGM was held with only a few shareholders representing and acting as proxies for the majority of others, in compliance with government’s restrictions on public gatherings due to the COVID-19 pandemic.