Nigerian Breeries Plc proposes N37.2 dividend for 2014 financial year

THE  Board of Directors of Nigerian Breweries (NB) on Friday proposed N37.21 billion as dividend for shareholders of the nation’s brewery gaint for the 2014 financial year.

The News Agency of Nigerian (NAN) quotes NB as saying in a release that the amount represents a pay out of N4.75 per 50k ordinary share.

According to the company, the total dividend of N37.21billion was recommended by the board for shareholders’approval at the scheduled 2015 Annual General Meeting.

It recalls that the company had earlier paid an interim dividend of N9.45 billion or N1.25k per 50k ordinary share in October 2014.

The company also said that the final dividend amounts to N27. 75 billion or N3.50 per 50k ordinary share held.

It said the dividend, when approved by the shareholders, shall be paid subject to a deduction of withholding tax, on May 14 2015 to all shareholders whose names appear on the Company’s Register of Members at the close of business on March 4, 2014.

The statement signed by Mr. Uaboi Agbebaku, Company Secretary and Legal Adviser also showed that NB Plc recorded a revenue of N266.4 billion in 2014 or 0.8 per cent decline from N268.6 billion recorded in 2013.

The company in the year under review also achieved a profit before tax of N61.4 billion and a profit after tax of N42.5 billion.

It quotes Agbebaku as saying that in spite of the challenging circumstances in 2014, NB was able to return creditable results in 2014 due to her cost leadership and innovation agenda.

“In the course of the year under review, the company concluded the legal process which culminated in a merger with Consolidated Breweries Plc resulting in an enlarged company.

“The effective date of the merger was Dec. 31, 2014. The reported performance does not include the results of the dissolved Consolidated Breweries Plc.

“The beginning of 2015 has seen a continuation of the challenging business environment with even more impact on disposable income.

“However, our Company is poised to maximize the economies of scale arising from an enlarged company from the merger with the dissolved Consolidated Breweries Plc, with a view to creating more value for shareholders.

“Our innovation and cost leadership agenda will be enhanced in 2015 and, the company is also in a position to take advantage of any upswing in the economyand maintain its market leadership,” it said. (NAN)