Shareholders of Nigerian Breweries Plc have commended the company for the impressive 2013 financial result. At the 68th Annual General Meeting held on Wednesday May 14, 2014, at the Muson centre, Lagos, the shareholders hailed the company for achieving 13 per cent increase in profit after tax as well as the dividend payment of 4.50 kobo per ordinary share of 50 kobo each as the highest the company has paid out in recent times.
The Shareholders were also elated by the news of merger discussions between Nigerian Breweries and Consolidated Breweries subject to regulatory approvals. They expressed confidence that if the regulatory approvals pulled through, it would strengthen the company’s ability to meet consumer expectations and assure higher return on shareholders’ investment. The company sees the strong presence of the emerging entity across the premium, mainstream, and value beer segments of the market as a major competitive advantage. It also expects increased profit margins on improved operational efficiency.
Nigerian Breweries Plc recently announced a 6.3 per cent increase in turnover from N253 billion in 2012 to N269 billion in 2013. The results from the company’s operating activities increased by 7 per cent while profit after tax grew by 13 per cent being further impacted by lower financing costs.
In its audited result, the company’s board had recommended the payment of a total dividend of N34, 032, 169, 944 (thirty four billion, thirty two million, one hundred and sixty nine thousand and nine hundred and forty four naira only), that is, N4.50 (four naira fifty kobo) per ordinary share of fifty kobo each. Following the approval of the recommendation, it is expected that the dividends shall be paid (less deduction of withholding tax at the appropriate rate) on the 15th of May, 2014 to all shareholders recorded in the Company’s Register of Members at the close of business on Wednesday, 5th March, 2014.