E-Malt.com News article: Nigeria: Nigerian Breweries proposes a final dividend of N14.7 billion

Nigerian Breweries proposes a final dividend of N14.7 billion, according to Business Day, March 24.

The dividend, which is subject to appropriate withholding tax deduction, is payable May 29th, 2008 from the amount standing to the credit of the Profit and Loss Account to all shareholders registered in the books of the company at the close of business April 14th, 2008. The payment is subject to the approval of the shareholders at the Annual General Meeting scheduled for May 28th, 2008.

The company had recently declared a turnover of N111.7 billion for the financial year ended December 31, 2007. This result is a 29 percent increase over the N86.3 billion declared for the 2006 financial year.

The result released by the company’s Board of Directors shows a Profit Before Taxation (PBT) of N27.8 billion, an astronomical 70 percent increase over the N16.4 billion recorded in 2006. Profit After Taxation (PAT) stood at N18.9 billion in 2007, showing a 74 per cent increase over N10.9 billion declared for the 2006 financial year.
Having paid an interim dividend of N4,159,409,287, that is, 55 kobo per share in October 2007, the total dividend payable in respect of the year ended 31st December, 2007 would be N18,906,405,850, that is, 250 kobo per share. The total dividend of 250 kobo per share would represent an increase of 74% over the 144 kobo per share paid in the 2006 financial year.

According to the Board of Directors, the growth of the brewed products market continued in 2007 with Nigerian Breweries Plc gaining market share to reinforce its leadership position. The growth, the Board said, has been largely due to strong consumer demand, continuous improvement in product packaging and the launch of Star, Heineken and Amstel Malta in Cans.


26 March, 2008