NB Records Resilient Performance In 2016, Delivers 6.7% Revenue Growth Despite Economic Challenges

The Board of Directors of Nigerian Breweries Plc has announced a revenue of N313 billion for the 2016 financial year. The amount represents only a 6.7% growth from the N293 billion it recorded in 2015.

An analysis of the audited results shows that Results from Operating Activities declined by 15 percent to close at N52.9 billion in 2016 from N62 billion achieved in 2015. Profit before Tax dropped by 27.3 per cent from N54 billion at the end of the 2015 financial year to N39.6 billion in the same period in 2016 while Profit after tax dipped by 25.4 per cent to N28.4 billion in 2016 from the N38 billion posted in 2015. In a statement to The Nigerian Stock Exchange, signed by Mr. Uaboi Agbebaku, Company Secretary/Legal Adviser, the Company said the results were impacted by high inflation and scarcity of foreign exchange in the macro-economic environment.

While commenting further on the results, Agbebaku said that the Company was able to end the year with a positive result due to its twin agenda of Cost Leadership and Market Leadership supported by Innovation. The statement acknowledged that although the operating environment in 2017 is expected to be similar to 2016, the Company is confident that it is well positioned to adapt to the operating environment as required, and stay committed to delivering a good return on investment to shareholders.

The statement further stated that the Board has recommended a total dividend of N28, 386, 181, 179 (Twenty eight billion, three hundred and eighty six million, one hundred and eighty one thousand, one hundred and seventy nine naira only), for approval at the forthcoming Annual General Meeting, which amounts to N3.58 (three Naira fifty kobo) per ordinary share of fifty kobo each for the 2016 financial year.

It may be recalled that Nigerian Breweries had earlier paid an interim dividend of N7.9 billion that is, N1.00 (one Naira only) last year to its shareholders. Thus, the final dividend will be N20. 5 billion that is, N2.58 (two Naira fifty kobo) per share. The proposed final dividend will be subject to deduction of withholding tax at the appropriate rate and will be payable on the 4th of May, 2017, to all shareholders whose names appear on the Company’s Register of Members at the close of business on the 8th of March, 2017. The declared total dividend of N3.58 per share is a 100% earnings pay out.

The Board also recommended for approval by shareholders, an option for qualifying shareholders to receive new ordinary shares in the Company instead of the cash final dividend, on terms and conditions as the Board may determine based on prevailing market conditions.

Regards.

Kufre U. Ekanem
Corporate Affairs Adviser
Nigerian Breweries Plc
+234 7038992759; kufre.ekanem@heineken.com

About Nigerian Breweries PLC:
A member of the HEINEKEN Group, Nigerian Breweries Plc is the pioneer and largest brewing company in Nigeria. Incorporated in 1946 as "Nigerian Brewery Limited", the company made history in June 1949 when the first bottle of STAR lager beer rolled out of its Lagos brewery bottling line. Today, it has a rich portfolio of 19 high-quality brands (such as Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz and Legend) produced from 9 breweries and 2 malting plants which are distributed nationwide. Nigerian Breweries is also a recipient of several awards and recognition in other areas of its operations including product quality, marketing excellence, productivity and innovation, health and safety, corporate social responsibility, and sustainability. To learn more, visit the Nigerian Breweries website: nbplc.com

Picture of PRESS CONTACT:

PRESS CONTACT:

Sade Morgan
Corporate Affairs Director
Sade.morgan@heineken.com

Share:

Facebook
Twitter
LinkedIn
WhatsApp
Email

We use cookies to deliver the best possible experience on our website. To learn more, visit our PRIVACY POLICY. By continuing to use this site or closing this box, you consent to our use of cookies. VIEW COOKIE POLICY