Shareholders of Nigeria’s foremost brewing company-Nigerian Breweries Plc, have unanimously approved the dividend payout of a total sum of ₦12.92billion for the 2021 financial year.
The approval was granted during the 76th Annual General Meeting of the company held at Civic Centre in Lagos on Friday, April 22, 2022. 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.
One of the shareholders who spoke at the event, 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.
“I would like to commend the board and management of Nigerian Breweries Plc for its consistency in paying dividends to shareholders. This alone has shown great leadership and commitment to delivering values to the shareholders.
“On behalf of the other shareholders, I would like to state that we are happy that despite operating challenges, including the COVID-19 pandemic and rising inflation, the leadership team has continued to manage the company and its operations efficiently. It gladdens our heart that the company has continued to reward its shareholders at a time like this when many companies cannot pay dividends”, he said.
Another shareholder, Mathew Akinlade, also praised the board and management of NB Plc for the positive result recorded in the 2021 financial year despite the daunting economic challenges and complex operating environment.
Speaking during the Annual General Meeting, the Managing Director, Nigerian Breweries Plc, 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 Chairman of the company’s Board of Directors, Chief Kola Jamodu, disclosed that each shareholder would receive a final dividend of N1.20k each at an ordinary share of 50k, having received an interim dividend of 40k 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 speaking at the AGM, the Company Secretary/Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku, said that the 2021 financial year saw significant improvement in performance, as reflected in the growth of other income which rose from ₦0.83billion in 2020 to ₦4.63 billion in 2021.
Agbebaku affirmed that the company’s management remains committed to consistently delivering superior value to shareholders and taking decisions in their best interest. He expressed optimism that the company would continue to witness growth.
A breakdown of the company’s audited results shows that its Profit after Tax (PAT) recorded for the 2021 financial year stood at 12.93billion, representing significant growth from the previous year’s figures.
According to the 2021 financial year result, marketing, distribution, and administrative expenses rose from ₦89.66billion in the 2020 financial year to ₦123.14billion in the 2021 financial year, representing a 37.3% increase.
