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NB shareholders approve N12.92bn dividends payout

By Kehinde Ibrahim, Lagos

SHAREHOLDERS of Nigerian Breweries (NB) Plc have unanimously approved the dividend payout of N12.92 billion for the 2021 financial year.

The approval was granted during the 76th annual general meeting of the company held in Lagos. The company’s management assured the shareholders of its commitment to continue to deliver maximum returns for the shareholders’ investments.

Shareholders who spoke at the meeting described the total dividend payout to shareholders as a step in the right direction following an impressive financial performance recorded by the company in the 2021 financial year.

The national chairman, Progressive Shareholders Association of Nigeria(PSAN), Mr. Boniface Okezie, commended the board and management of the company for demonstrating an immense capacity to manage its resources prudently, which yielded exceptional performance for the company as seen in the revenue and the profit recorded for the year.

Okezie expressed satisfaction with the company for the consistent payment of dividends noting that such a gesture has endeared it to the heart of many investors.

Another shareholder, Mathew Akinlade, also praised the board and management of NB for the positive result recorded in the 2021 financial year despite the daunting economic challenges and complex operating environment.

The chairman of the company, Chief Kola Jamodu, disclosed that each shareholder would receive a final dividend of N1.20 each at an ordinary share of 50k, having received an interim dividend of 40 kobo in December 2021.

Jamodu explained that despite increased competition, the company still maintains its market leadership while also ensuring good returns on investments from investors in the financial year.

Also, the managing director, Nigerian Breweries, Mr. Hans Essaadi, thanked the shareholders for their support, assuring them that the company remains committed to maintaining the positive growth trajectory that will ensure a regular improved dividend payment.

Essaadi noted that the company would continue to invest in all aspects of its operations to grow the business and make it more sustainable.

The company secretary/Legal director, Nigerian Breweries, Uaboi Agbebaku, affirmed that the company’s management remains committed to consistently delivering superior value to shareholders and taking decisions in their best interest, expressing optimism that the company would continue to witness growth.

A breakdown of the company’s audited results shows that its profit after tax recorded for the 2021 financial year stood at 12.93billion, representing a significant growth from the previous year’s figures.

According to the 2021 financial year result, marketing, distribution, and administrative expenses rose from N89.66 billion in the 2020 financial year to N123.14 billion in the 2021 financial year, representing a 37.3 per cent increase.

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