BUSINESS

Nigerian Breweries Grows Profit By 72.0% To N12.67bn In 2021

The Board of Directors of Nigerian Breweries Plc has announcd its audited results for the year ended 31st December 2021 with 72% growth in profit after tax to N12.672 billion from N7.368 billion in 2020.

Revenue for the year grew by 29.7% to N437.285 million from N337.046 billion in 2020.

Menawhile, the Board has recommend to Shareholders at the forthcoming Annual General Meeting (AGM), the declaration of a total dividend of ₦12,921,331,039 that is, 160 Kobo only per ordinary share of Fifty (50) kobo each.

The total dividend is comprised of an interim dividend of N3,230,332,760, that is, 40 Kobo per share which was declared in October 2021, and a final dividend of ₦9,690,998,280, that is, 120 (One hundred and twenty) Kobo per share.

If the proposed final dividend of ₦9,690,998,280 that is, 120 Kobo per share is approved, it will be subject to deduction of withholding tax at the appropriate rates. The final dividend will become payable on the 22nd of April, 2022, to Shareholders whose names appear on the Company’s Register of Members at the close of business on the 9th of March, 2022.

The Register will be closed from Thursday, 10th March 2022 to Wednesday, 16th March, 2022 (both dates inclusive) for the purpose of updating the Register.

The Directors are also 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 instead of the final dividend in cash. The election is required to be made on or before the 12th of April, 2022.

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The Reference Share Price for the purpose of determining the number of shares due to Qualifying Shareholders who elect for the share option will be a ten-day trading average of the Company’s share price on the floor of the Nigerian Exchange Limited, starting on the 10th of March, 2022.

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