Nigerian Breweries declares N33.04bn profit

The Board of Directors of Nigerian Breweries Plc (NB) has announced the company results for the 2017 financial year , proposing a total dividend of N33 billion to its shareholders. The company while filling the report at the Nigerian Stock Exchange said that the amount proposed translated into a dividend of N4.13 kobo for every share held by investors within the period under review. The recommended dividend is inclusive of interim dividend of N8 billion, which is N1.00 per share earlier paid by the company in November 2017.
In the company statement signed by the Company Secretary/Legal Adviser, Nigerian Breweries Plc, Mr. Uaboi Agbebaku, the Board also announced a N33 billion profit after tax (PAT) against profit of N28.415 billion reported in the preceding year, representing an increase of 16 per cent
The profit before tax which stood at N39.673 billion in the preceding period went to N46.630 billion at the end of 2017 operating year.
The revenue grew by N30.819 billion or 9.82 per cent to N344.56 billion from N313.743 billion recorded in the preceding yesr This
Profit after tax from N28.4 billion in 2016 According to Agbebaku, “whilst the foreign exchange situation improved in the course of the year, double digit inflation continued to impact both businesses and consumers. Nevertheless, the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation”. The Board maintained that whilst there are some early signs of improvement in the macro-economic condition, this is yet to be reflected in consumer confidence. The Board remains confident that the Company has a clear strategy to deliver good return on investment to Shareholders as part of its commitment to Winning with Nigeria.
An analysis of the company result showed that gross profit increased by 5.91 per cent to N143.531 billion from N135.524 billion recorded in 2016.
Total assets which stood at N367.146 billion in the previous years declined to N282.228 billion while Total liabilities increased from N201.232 billion to N203.929 billion.