Home Business NB’s profit up by 4.3 % to N7.52bn despite covid-19 pandemic

NB’s profit up by 4.3 % to N7.52bn despite covid-19 pandemic

NB’s profit up by 4.3 % to N7.52bn despite covid-19 pandemic

… Declares 50k dividend

By Peter Egwuatu

Nigerian Breweries, NB Plc has recorded a profit after tax, PAT of N7.52 billion in the audited financial result ended December 31, 2020, representing an increase of 4.3 per cent from N323 billion recorded in the corresponding period of 2019.

In the statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the Board of Directors of NB commended the Company’s Management for its efforts in mitigating the impact of the COVID-19 pandemic on the business, as well as the prudent management of its resources as reflected in the reduction in expenses incurred on marketing, distribution, and administration.

The statement further revealed that the Board of Directors will be recommending to the Company’s Shareholders at the forthcoming Annual General Meeting, AGM the declaration of a total dividend of N 7.52billion,at 50k per share representing a hundred percent dividend payout ratio. It also recorded a turnover of N337.01billion in the period under review.

Recall that the Company had earlier in 2020, paid an interim dividend of N1.999 billion which translated to N0.25k per share. The final proposed dividend of N5.52billion at N0.69k per share will be payable to shareholders upon approval on 23 April 2021.

The statement further noted that only qualifying shareholders whose names appear on the Company’s Register of Members at the close of business on 10 March 2021 will be paid the final dividend. Directors would also be recommending to Shareholders for their approval at the forthcoming AGM, a right of election for qualifying shareholders to receive new ordinary shares in the Company as against the final dividend in cash.

Despite the negative impact on its operations, it is noteworthy that Nigerian Breweries made various donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the Federal and 7 State Governments’ COVID-19 Task Forces Relief Funds.

According to Mr Agbebaku, the Board of Directors expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders. The statement adds that the company remains committed to not only keeping its balance sheet strong but ensuring that the health

Vanguard News Nigeria

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