Nigerian Breweries proposes N2.58 final dividend

Board of Nigerian Breweries has recommended a total dividend of N28, 386, 181, 179 for approval at the forthcoming Annual General Meeting which holds on May 3, 2017. The total dividend amounts to N3.58 per ordinary share of fifty kobo each for the 2016 financial year.
The company had earlier paid an interim dividend of N7.9 billion that is, N1.00 per share last year to its shareholders. Thus, the final dividend will be N20. 5 billion that is, N2.58 per share.
According to Managing Director Mr. Nicolaas Vervelde, the operating environment in 2017 is expected to be similar to that of 2016, but the company is confident that it is well positioned to adapt to the operating environment as required, and stay committed to delivering a good return on investment to shareholders.
He explained that the N314 billion revenue it recorded in the 2016 financial year is as a result of its twin agenda of Cost Leadership and Market Leadership supported by Innovation.
Mr. Nicolaas Vervelde explained to journalists at a media briefing in Lagos ahead of its Annual General Meeting, that the analysis of the audited results shows that the N314 billion revenue represents a 6.7 per cent growth from the N293 billion it recorded in 2015. The declared total dividend of N3.58 per share is also a 100 per cent earnings pay out.
“When all factors are considered, our results have been positive and creditable over the years. Despite the deterioration in consumer purchasing power, our robust brand portfolio which covers a broad spectrum of consumer needs enabled us to protect revenue and profitability,” he said.
“The operating environment in 2016 was very challenging especially from an input cost, FOREX and purchasing power perspectives. Our volume growth was in the mid-single digit region, coupled with the price increases that we implemented positively impacted our revenue growth, “he added.