NIGERIAN BREWERIES PLC POSTS ₦337BILLION REVENUE IN 2020 FINANCIAL YEAR

Lagos, Nigeria: 19 February 2021

The Board of Directors of Nigerian Breweries Plc has released its audited financial statement for the year ended 31 December 2020, declaring a profit after tax of N7.52 billion and a turnover of ₦337.01billion in revenue. This result represents a percentage increase of 4.3% compared to ₦323 billion recorded during the corresponding period in 2019.

In the statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the Board of Directors commended the Company’s Management for its efforts in mitigating the impact of the COVID-19 pandemic on the business, as well as the prudent management of its resources as reflected in a 7% reduction in expenses incurred on marketing, distribution, and administration.

The statement further revealed that the Board of Directors will be recommending to the Company’s Shareholders at the forthcoming Annual General Meeting the declaration of a total dividend of ₦7.52billion, at 50k per share representing a hundred percent dividend payout ratio.

Recall that the Company had earlier in 2020, paid an interim dividend of ₦1.999billion which translated to ₦0.25k per share. The final proposed dividend of ₦5.52billion at ₦0.69k per share will be payable to shareholders upon approval on 23 April 2021.

The statement further noted that only qualifying shareholders whose names appear on the Company’s Register of Members at the close of business on 10 March 2021 will be paid the final dividend. Directors would also be recommending to Shareholders for their approval at the forthcoming AGM, a right of election for Qualifying Shareholders to receive new ordinary shares in the Company as against the final dividend in cash.

Despite the negative impact on its operations, it is noteworthy that Nigerian Breweries made various donations in cash and kind valued at about ₦531 million out of a phased commitment of ₦600 million to the Federal and 7 State Governments’ COVID-19 Task Forces Relief Funds.

According to Mr Agbebaku, the Board of Directors expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders. The statement adds that the company remains committed to not only keeping its balance sheet strong but ensuring that the health, safety and welfare of its employees, customers and partners are protected.

Signed

Sade Morgan

Corporate Affairs Director,

sade.morgan@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

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