Shareholders of Nigerian Breweries would receive a total of N38 billion as cash dividends for the 2015 business year.
The board of directors of the breweries has declared a final dividend of N28.5 billion, in addition to interim dividend of N9.5 billion earlier paid by the company, bringing the total cash payouts for the year ended December 31, 2015 to N38 billion.
A breakdown of the dividend recommendation by the board indicated that shareholders would receive final dividend of N3.60 per share, in addition to interim dividend per share of N1.20, bringing total dividend per share to N4.80 for 2015.
If approved by shareholders at the upcoming annual general meeting, the dividend would be the highest dividend ever paid by the company in its 70 year history.
Audited report and accounts of the company showed that turnover rose by 10.3 per cent to N293 billion in 2015 as against N266 billion recorded in 2014. Operating activities declined by 6.9 per cent to close at N62 billion in 2015 as against N66 billion in 2014. Profit before tax dropped by 11.3 per cent from N61 billion in 2014 to N54 billion in 2015 while profit after tax declined by 10.5 per cent to N38 billion in 2015 as against N42 billion in 2014.
The company said the bottom-line was impacted by reduced consumer purchasing power and increased cost of doing business due mainly to inflation and devaluation.
In a statement signed by company secretary and legal adviser, Nigerian Breweries, Mr Uaboi Agbebaku, the company stated that it was able to achieve strong results and deliver good return on investment to shareholders due to its twin agenda of cost leadership and market leadership supported by innovation.
The statement noted that while 2016 business year will see a continuation of the tough operating environment of 2015, the directors of the company remains confident that with the company’s strong portfolio and its cost leadership agenda, it should be able to take advantage of any upswing in the market.
