Business

NBL Posts N12.927 Billion Profits, Assures Shareholders of Better Performance

BY JOHNMARK UKOKO

The Nigeria Breweries (NB) Plc has recorded a profit growth of N12.927 billion in the year ended December 31, 2021 as against N 7.525 billion recorded in 2020, according to the audited financial figures released by the company.

The financial statement signed by the Company Secretary and Legal Director, Uaboi Agbebaku, declared N437.196 billion revenue, representing a 29.7 per cent increase compared to N337.006 billion recorded during the corresponding period of the previous year.

The statement indicated that the company’s Board of Directors commended the management for placing the company on the path of recovery from the debilitating impact of the COVID -19 pandemic and other challenges faced during the year.

It stated that the board would recommend to the shareholders at the forthcoming Annual General Meeting (AGM), the declaration of N12.921 billion dividends at 50 Kobo per share representing a 100 per cent dividend payout ratio.

It would be recalled that the company had earlier in October 2021 paid an interim dividend of N3.230 billion, which translated to 40 Kobo per share.

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The final proposed dividend of N9.69 billion at N1.20 kobo per share will be payable to shareholders upon approval on April 25, 2022.

The statement further noted that only qualifying shareholders whose names appear on the company’s register of members at the close of business in March 2022 will be paid the final dividend.

It added that the company’s board would also recommend to shareholders for approval at the AGM a right of election for qualifying shareholders to receive new ordinary shares in the company instead of the final dividend cash.

Agbebaku disclosed that the company remained committed to delivering improved performance in the years ahead and promised that the company would also continue to deploy cost-efficient measures to keep its balance sheet stronger and healthier, while ensuring the safety and welfare of its employees, customers and partners.

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