Nigerian Breweries declares N34bn dividend

Nigerian Breweries (NB) has declared total dividend payment of N34 billion for the financial year ended December, 2013.
The amount translates into N4.50 kobo per share which represents an increase of 50 per cent over the N3.00 paid in the previous year.

Managing Director/Chief Executive Officer of the Company , Mr Nicolaas Vervelde who disclosed this at pre-annual general meeting said “despite the difficult operating environment we recorded growth in all segments of the market and indeed outperformed the market.”

He said that the company sustained its enviable leadership position in the market. He said the company  recorded a turnover of N269 billion against N252 billion achieved in the preceding year. He said that the profit before tax rose by 11.9 per cent from N55.624 billion posted in the comparable period of 2012 to N62.240 billion while profit after tax increased to N43.080 billion from N38.042 billion posted in the preceding year, representing 13.2 per cent.

He said that the net profit increase was driven by lower finance cost, adding that operating profit and net interest contributed to higher net profit.
The NB boss also said that the operating profit grew by 0.8 per cent faster than its turnover as strong clear evidence of the company cost saving initiative.

Vervelde, however, said that the company strong commitment to investing in capital asset and efficient capacity, it spend over N125 billion since 2009 with exclusion of Sona acquisition.

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