Nigerian Breweries to pay N13.872bn dividend

Nigerian Breweries appoints new sales director

The Nigerian Breweries Plc has said that its board has recommended the payment of a total dividend of N13.87bn (N1.43k per ordinary share of 50k each) to its shareholders.

 This was revealed in a statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, which also detailed the company’s financial record for the year 2022.

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It stated that the company had earlier paid an interim dividend of N3.29bn in October 2022, which translated to 40k per share.

The payment of the final proposed dividend of N10.584bn at N1.03k per share would be paid after its next annual general meeting.

The NB also announced revenues of N550.48bn for the year ended 31st December 2022, which was a 26 per cent increase from N437.2bn recorded in the corresponding period in 2021.

Profit after tax for the period under review rose by eight per cent, moving from N12.93bn in 2021 to N13.93bn in 2022.

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A breakdown of the results showed that inflation, devaluation of the naira and high energy prices led to a 33 per cent increase in marketing, distribution, and administration expenses (which moved from N123.13bn in 2021 to N163.60bn in 2022) and a 22 per cent  increase in cost of sales (from N276.87 bn in 2021 to N337.31 bn).

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