Nigerian Breweries records 324 billion naira revenue and 19.4 billion naira profit after tax

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Nigerian Breweries (NB) audited financial reports made available to the Nigerian Stock Exchange, notes that the the company’s board of directors  has recommended that 100 percent of the 19.401 billion naira profit after tax recorded for the year ended December 31, 2018 be paid out as dividend to shareholders.

The financial reports show that NB’s profit after tax fell by 41.2 percent from 33 billion naira in 2017 to 19.4 billion naira in 2018. However, in its characteristics of paying all earnings as dividend, the board has recommended that a total dividend of 2.43 naira per share for the year be paid.

The report highlights that the company recorded a revenue of 324.4 billion naira, down marginally from 344.5 billion naira in 2017, while exercise duty rose from 21.271 billion naira to 25.837 billion naira. Cost of sale reduced from 201 billion naira to 197 billion naira, bringing gross profit to 126.9 billion naira compared with 143.5 billion naira the previous year.

NB’s marketing and distribution expenses rose from 66.863 billion naira to 70.052 billion naira, while administrative expenses reduced from 21.748 billion naira to 20.785 billion naira. Similarly, net finance cost fell to 7.529 billion naira compared with 10.491 billion naira in 2017.

The company ended the year with profit before tax of 29.4 billion naira, down 36.9 percent from 46.6 billion naira in 2017 and profit after tax of 19.4 billion naira as against 33 billion naira the previous year.

Based on the performance, the directors have recommended to the company’s shareholders at the annual general meeting(AGM) coming up on the 17th of May, 2019, the declaration of a total dividend of 19.4 billion naira, that is, 2.43 naira per share representing a hundred percent dividend pay-out ratio.

The managing director of NB, Mr. Jordi Borrut Bel restated the company’s commitment to sustaining its relationship with the Nigerian Stock Exchange, adding that over the years, the company had excelled in compliance and corporate governance matters.

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