Nigerian Breweries Plc yesterday announced a Profit After Tax (PAT) of N19.4 billion for the 2018 financial year. It was 41.2 per cent lower than the N33 billion it recorded in the previous year 2017.
The company also recorded a turnover of N324.4 billion for the full year 2018, compared to N344.5 billion in 2017. The turnover was down marginally by 5.8 per cent.
Speaking at the company’s Pre-Annual General Meeting (AGM) Media Briefing in Lagos, its Managing Director, Mr. Jordi Borrut Bel, said the company’s financial results for the year under review reflected the challenges it encountered last year.
He said, for instance, the company’s finances were negatively impacted by the increased excise duty rates that came into effect during the year, as well as a “challenging operating environment”.
the extra cost to consumers because of weak purchasing power.
“We faced double digit inflation. Despite exiting the economic recession, the Gross Domestic Product (GDP) growth was still below two per cent,” he added.
Despite the challenges, the board recommended a total dividend payout of N19.4 billion to its shareholders. This represents N2.43k per ordinary share of 50 kobo each for the 2018 financial year. It was a 100 per cent dividend pay-out.
Meanwhile, the company said its target of 60 per cent local sourcing of raw materials was on course, having already achieved 57 per cent. It also said 90 per cent of its packaging materials are sourced locally.
The Corporate Affairs Director, Nigerian Breweries Plc, Mrs. Sade Morgan, also said the company has driven down its water usage by as much as 41 per cent, as at last year.
The company also said it was working with sorghum and wheat farmers and vendors to further grow its local raw materials sourcing.
