NIGERIA – Nigerian Breweries Plc has reported US$41.32 million profit for the nine months ended September 30, 2018, and has proposed interim dividend of 60 kobo per share, according to ThisDayLive.
It recorded US$702 million in revenue, down from US$744 million in 2017 while gross profit stood at US$260m compared with US$294m in the corresponding period of 2017.
Excise duty expenses went up from US$42.8 million to US446.6 million, while cost of sales fell from US$407.1 million to US$394.9 million in 2017.
The company recorded a decline in other income, marketing and distribution expenses while administrative rose significantly.
According to the statement issued by the firm, the proposed interim dividend would be paid to shareholders whose names appear on the register of members as at the close of business on November 22, 2018.
It added that the dividend would be paid electronically on December 10, 2018 to shareholders who have mandated the Registrar to pay their dividends directly into their bank accounts.
“Shareholders with dividend warrants and share certificates that have remained unclaimed or are yet to be presented for payment or returned for validation are advised to complete the e-dividend registration or contact the Registrar,” the statement said.
In the first quarter of the financial year, Nigerian Breweries reported 22% decline in Profit After Tax (PAT) to US$49.78 million impacted by new exercise duty and higher tax rates on beer.
According to the company, the new excise duty regime and higher rate of beer introduced in June 2018 further impacted on affordability in the period under review.
The government had approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from June 4.
The upward review of the excise duty rates for alcoholic beverages and tobacco was to achieve a dual benefit of raising the Federal Government’s fiscal revenues.
