Nigerian Breweries declares N37.2bn dividend for 2014

Nigerian Breweries Plc says its Board of Directors has recommended a total dividend of N37.205bn for the 2014 financial year.

The amount represents a pay out of N4.75 per ordinary share of fifty kobo each, a statement by the company’s Secretary and Legal Adviser, Mr. Uaboi Agbebaku, on Thursday said.

The recommended of the board would be presented to the company’s shareholders for approval at the 2015 Annual General Meeting.

The statement explained that the board had earlier paid an interim dividend of N9.453bn, representing N1.25 per ordinary share of fifty kobo each in October 2014.

“Thus the final dividend will be N27.752bn, that is, N3.50 per ordinary share held. If the proposed final dividend is approved, it shall be paid subject to a deduction of withholding tax, on the 14th of May 2014 to all shareholders whose names appear on the company’s register of members at the close of business on March 4, 2014,” the statement read in part.

The company recorded a revenue of N266.3bn in 2014, a 0.8 per cent decline from the N268.6bn revenue it recorded in 2013.

The results from the company’s operating activities showed a profit before tax of N61.4bn and a profit after tax of N42.5bn for the year under review.

Agbebaku said that despite the challenging circumstances in 2014, the company was able to return creditable results for the year due in part 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 31st December, 2014. The reported performance does not include the results of the dissolved Consolidated Breweries Plc,” the statement said.

“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 maximise the economies of scale arising from an enlarged company formed from the merger with the dissolved Consolidated Breweries Plc, with a view to creating more value for shareholders.”

Source : Punchng

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