LAGOS – Nigeria’s foremost brewer, Nigerian Breweries Plc, has recommended a total dividend of N33 billion for the 2017 financial year. The recommendation, which amounts to a total dividend of N4.13 per ordinary share of 50 kobo each is a 100% payout, making it the third year in a row that the company is delivering such to its shareholders.
The Company ascribed the 100% payout recommendation as a reflection of its strong balance sheet and overall health of the company. Managing Director of the Company, Mr. Jordi Borrut Bel, explained at a media briefing in Lagos on Wednesday that the N33 billion dividend payout is a considerable increase over the N28 billion paid last year.
In the course of the year under review, the Company had earlier paid an interim dividend of N7.97 billion in November 2017, which amounted to N1.00 per share. The final dividend will therefore be N25.03 billion, which comes to N3.13 per share.
At the media briefing the Managing Director also said the N345 billion revenue which resulted in a N33 billion Profit After Tax (PAT) for the 2017 financial year is as a result of the “continuous focus on cost leadership.”
He disclosed that the cost leadership initiatives which encompass cost optimisation, revenue management and consumer value re-engineering, yielded savings which positively impacted on the company’s financials.
An analysis of the Company’s audited results shows that its Profit After Tax represents a 16 percent increase from the N28.4 billion achieved in 2016, and a 10 percent growth in turnover in 2017 from N314 billion in the preceding period.
Borrut Bel added that the Company remains confident of its clear strategy to deliver good returns on investment to shareholders as part of its commitment to “Winning with Nigeria.”
“When all factors are considered, our results have been positive and creditable over the years. Despite the deterioration in consumer purchasing power, our robust brand portfolio which covers a broad spectrum of consumer needs enabled us to protect revenue and profitability,” he noted.