Shareholders of Nigerian Breweries (NB) Plc, have approved a total dividend of N16.1 billion for the year ended December 31, 2020.
They gave their approval at the Nigerian Breweries’ 74th annual general meeting (AGM) which held in Lagos, recently. The total dividend translates to a dividend per share of N2.01 per share.
Speaking at the AGM, the chairman of the company, Chief Kola Jamodu, disclosed that the company had earlier paid an interim dividend of N3.99 billion, that is, 50 kobo per share, in December 2019, and that the final dividend will therefore be N12.1 billion, which comes to N1.51 per share which would become payable on June 24, 2020.
A breakdown of the company’s results for the period revealed that it recorded a net revenue of N323 billion as against N324.4 billion recorded in 2018.
Jamodu explained that some of the factors that impacted on the company’s performance in 2019 were inflation at double-digit rate, increase in input cost and further rise in the Excise Duty rate which could not be passed to the consumer due to continued pressure on purchasing power.
He noted that that the business was nevertheless able to post a positive profit after tax of N16 billion for the year due to series of innovations and implementation of cost efficiencies.
Shareholders commended the board and management of the company for being resilient in the face of the challenging operating environment and appreciated the dividend payment which was coming at the right time in view of current economic realities. The shareholders further praised the board for ensuring that investors continued to get returns on their investment in the company.
They equally urged the company not to relent in looking at innovative ways to improve on its performance thereby ensuring that it remains ahead of the pack.
Meanwhile, Jamodu assured that the company remained focused on delivering long term sustainable value to its shareholders in line with its philosophy of ‘Winning with Nigeria’.
The AGM meeting was attended by proxy with only a few shareholders present representing and acting as proxies for the majority of others, in compliance with government’s restrictions on public gatherings due to the COVID-19 pandemic. It was also the first time that the AGM was streamed live enabling other shareholders follow the event.