NIGERIA – Nigerian Breweries Plc has announced its results for the 2017 operating year with a dividend recommendation of US$91.4 million for its shareholders.

The recommendation, which amounts to a dividend of US$0.01 per share for the 2017 operating year, was part of the company’s filing to the Nigerian Stock Exchange (NSE).

The recommended dividend is inclusive of an interim dividend of US$22.1 million, which is US$0.0028 per share earlier paid by the company in November 2017.

In a statement signed by the Company Secretary/Legal Adviser, Nigerian Breweries Plc, Uaboi Agbebaku, the Board also announced a US$91.4 million profit after tax (PAT) for 2017, and revenue of US$952.8 million.

This represents a 16% increase in PAT from US$78.6 million in 2016, and a 10% growth in turnover from US$867.01 million achieved in the same corresponding period.

Agbebaku said, “Whilst the foreign exchange situation improved in the course of the year, double digit inflation continued to impact both businesses and consumers.

Nevertheless, the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation.”

The board maintained that whilst there are some early signs of improvement in the macro-economic condition, this is yet to be reflected in consumer confidence.
The Board however expressed optimism that the company has a clear strategy to deliver good return on investment to shareholders as part of its commitment to ‘Winning with Nigeria’.

Nigerian Breweries profit after-tax in first quarter of 2016 rose 3.5% year-on-year, or rose to US$28.9 million in Q1 2016, compared with US$27.9 million recorded in Q1 2015.

Nigerian Breweries gross revenues during the period rose 10.9% to US$214.8 million in Q1 2016, compared with US$193.6 million in Q1 2015.

Net finance costs also rose 54% to US$8.2 million compared with US$5.3 million in the periods under review.

In the same period, Nigerian Breweries said basic earnings per share rose to US$0.0037 per share against US$0.0035 per share recorded in the corresponding quarter of 2017.

The Guardian Nigeria