The Board of Nigerian Breweries Plc has approved an interim dividend of N3.2 billion for its shareholders.
The proposed dividend payout represents 40 kobo per ordinary
share of 50 kobo in the company’s share capital.
In a statement seen by The Explainer, the brewer explained
that the dividend will be paid on Thursday, 1st December, 2022 to all
shareholders registered in the books of the Company as of close of business on
Wednesday, 23rd November 2022.
The dividend payout would be subject to tax deductions at
the appropriate rates.
The statement also noted that the register of members and
transfer books will be closed from Thursday, 24th November, 2022 to Wednesday,
30th November, 2022. This is to enable the preparation of an updated Register
of Members.
Meanwhile, the company has also announced its unaudited and
provisional results for the third quarter (nine months) that ended 30th
September 2022. The financial report showed an 80.1% growth in profit after tax
to N14.7 billion from N8.6 billion in 2021.
Revenue grew by 27.2% to N393.4 billion from N309.2 billion
in 2021.
The brewer’s cost of sales for the period grew by 20.22% to
N238.9 billion from N198.7 billion. Basic Earnings Per Share (kobo) stood at
182 kobo in 2022 from 107 kobo in 2021, indicating 80% growth.
According to the management, the last three months saw the
return of market seasonality characterised by lower volume performance.
“The market decreased by high single-digit, reflecting
pressure on consumer disposable income as well as the negative impact of heavy
rains and floods.
“Nevertheless, we performed relatively well in the period
led by our premium portfolio of Heineken, Tiger, and Desperados. Revenue growth
in the quarter driven by pricing was offset by higher input costs arising from
an increased rate of inflation and higher energy cost.
“Despite the volume and cost challenges in the third
quarter, our total revenue for the nine months ended 30th September 2022 grew
by 27% due partly to our pricing strategy and performance in the first half of
the year.
“Similarly, our Operating profit grew by 44% while Profit
after Tax went up by 80%. While being cautious about the development of input
costs and consumer demand in the remaining period of 2022, the Board remains
confident that the Company is well positioned to take advantage of any upswing
in the market and maintain our leadership position,” the company said.
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