Nigerian Breweries Offers N13.87bn To Shareholders

The Board of Directors of Nigerian Breweries Plc, has offered N13.87bn dividends to shareholders.

According to INDEPENDENCE, the foremost brewing company approved the results for the 2022 financial year, recommending the payment of a total of N1.43k per ordinary share of 50k each) to its shareholders.

In October 2022,  the company had earlier paid an interim dividend of N3.288 billion which translated to 40k per share.

In a statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the Nigerian Breweries Board of Directors also announced revenues of N550.48 billion for the year ended 31st December 2022, which is a 26 per cent increase from N437.20 billion recorded in the corresponding period in 2021, INDEPENDENCE reports.Information Guide Nigeria

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Profit after Tax for the period under review rose by 8 per cent, moving from N12.93 billion in 2021 to N13.93 billion in the year 2022.

A breakdown of the results showed that inflation, devaluation of the naira and high energy prices led to a 33 per cent increase in Marketing, Distribution, and administration expenses.NYSC Portal

This moved from N123.13 billion in 2021 to N163.60 billion in 2022 and a 22 per cent increase in Cost of Sales from N276.87 billion in 2021 to N337.31 billion.

According to INDEPENDENCE, Agbebaku stated that the economic challenges experienced during the year under review had greatly affected consumer disposable income.

Agbebaku added that the company showed great resilience, guided by its strong premium portfolio, brand mix improvements and strong pricing.JAMB Result

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