Nigerian Breweries Plc records N437.196Billion revenue in 2021 financial year.

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The Board of Directors of Nigerian Breweries Plc hasreleased its audited financial statement for the year ended 31 December 2021, declaring a revenue of ₦437.196 billion. This represents a 29.7% increase when compared to ₦337.006 billion recorded during the corresponding period in 2020.A statement signed by Sade Morgan , Corporate Affairs Director shows a further breakdown of the audited results shows that the Company’s profit for the period under review grew by 71.8%, rising from N7.525 billion in 2020 to N12.927 billion in 2021.

The Company Secretary/Legal Director, Uaboi Agbebaku, in his statement said the Board of Directors commended the management for placing the company on the path to recovery from the debilitating impact of the COVID-19 pandemic and other challenges faced during the year.

The Board would be recommending to shareholders at the forthcoming Annual General Meeting (AGM) the declaration of a total dividend of ₦12.921billion at 50k per share representing a 100% dividend payout ratio.

Recall that the Company had earlier in October 2021, paid an interim dividend of ₦3.230billion which translated to 40k per share. The final proposed dividend of ₦9.69billion at ₦1.20k per share will be payable to shareholders upon approval on 25 April 2022. 

The statement further noted that only qualifying shareholders whose names appear on the Company’s Register of Members at the close of business on 9 March 2022 will be paid the final dividend. The statement noted that the board would also recommend shareholders for their approval at the forthcoming AGM, a right of election for Qualifying Shareholders to receive new ordinary shares in the Company instead of the final dividend in cash.

Agbebaku revealed that the Company remains committed to delivering improved performance in the years ahead. Itwould also continue to deploy cost-efficient measures tokeep its balance sheet strong and healthy while ensuring that the safety and welfare of its employees, customers, and partners remain well protected.