Nigerian Breweries is set to pay its shareholder N13.87 billion total dividend as return on their investment for the financial year ended December 2022
The company’s Board of Directors hinted about the final dividend payout to investors in a statement issued by the Company Secretary, Uaboi Agbebaku, posted on Nigerian Exchange’s (NGX’s) website.
The dividend payout, which is expected to be approved by the shareholders at the company’s Annual General Meeting (AGM) to be held soon, indicates that an investor will receive 143 kobo per ordinary 50 kobo share.
According to the statement, the total dividend for the financial year to shareholders comprised the interim dividend of N3.288 billion, for 40k per share to investors announced by the board in October last year as well as N10.584 billion final dividend, translating to 103 kobo per share.
Agbebaku clarified: “If the final N10.584 billion is approved, it will be subject to deduction of withholding tax at the appropriate rates.
“The final dividend will become payable on the 26th of April, 2023 to shareholders whose names appear on the company’s Register of Members at the close of business on Thursday, 15th of March, 2023”, he added.
Figures in the company’s financial statement for the year under review showed that its net profit surged by 26% to N550.838 billion from N437.285 billion in the previous year as brand mix innovations and good pricing for the products characterized the operations in 2022.
The statement reflected that while the surging inflationary trend in the economy pushed the cost of the company’s sales up by 22% in the year under review to N337.310 billion, from N276.872 billion in 2021, the profit after tax (PAT) grew by 4% from the N12.672 billion in 2021 to N13.187 billion in 2022.
The firm’s management stated: “Nevertheless we outperformed the market led by our strong premium portfolio. Cost of Sales, Marketing and Distribution was under pressure due mainly to inflation, devaluation of the Naira and high energy prices.
“While the Operating Margin was flat, our Profit after Tax margin was reduced mainly by the increase in foreign exchange losses due to the Naira devaluation and foreign currency scarcity. Despite the net margin decrease, the Company grew its Profit after Tax by 8%”, the statement added.
