Shareholders of Nigerian Breweries Plc have commended the company for its performance in the 2014 financial year. According the Shareholders, the company’s performance in spite of the challenging operating environment stood out as a shining example for other manufacturers to emulate.
The Shareholders who spoke at the company’s 69th Annual General Meeting held on Wednesday, May 13 2015 in Lagos were full of praise for the company’s management, especially for the recommendation of a total dividend of N37.205bn, the biggest cash payout in the history of the company. The amount represents a payout of N4.75 per ordinary share of fifty kobo each.
Addressing the Shareholders at the Annual General Meeting, Chief Kola Jamodu, Chairman Board of Directors, said the board had earlier paid an interim dividend of N9.453bn, representing N1.25 per ordinary share of fifty kobo each in October 2014. Thus the final dividend is N27.752bn, that is, N3.50 per ordinary share held and it shall be paid subject to a deduction of withholding tax, on the 14th of May 2014 to all shareholders whose names appear on the company’s register of members at the close of business on March 4, 2014.
It would be recalled that the company’s operating activities for the 2014 financial year showed a profit before tax of N61.4bn and a profit after tax of N42.5bn for the year under review. The Chairman added that the company was able to return creditable results for the year in spite of the challenging business environment, due in part to her cost leadership and innovation agenda. Chief Kola Jamodu further explained that synergies from the recently concluded merger between the legacy Nigerian Breweries Plc and Consolidated Breweries Plc has positioned the enlarged company to deliver improved returns on investments for all stakeholders of the company.
Nigerian Breweries Plc has consistently added value to shareholders investments with its dividend payouts. It would be recalled that for the 2013 financial year, 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.