Nigerian Breweries declares N7.9b interim dividend

The board of directors of Nigerian Breweries Plc has recommended distribution of N7.9 billion as interim dividend to the shareholders of the company. Shareholders will receive a dividend per share of N1.

The interim dividend was part of the highlights of the third quarter results of the company. The nine-month report for the period ended September 30, 2017 showed that the company recorded a turnover of N254.7 billion. Profit before tax rose from N27.8 billion to N34.4 billion while profit after tax improved to N23.9 billion from the N20.1 billion.

Company Secretary and Legal Adviser, Nigerian Breweries Plc, Mr. Uaboi Agbebaku said despite the continued challenging business environment, revenue in the first nine months of the year grew compared to the corresponding period in 2016.

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He added that as a result of the company’s continued focus on internal efficiencies under its cost leadership programme, results from operating activities improved, which combined with lower Net finance charges resulted in increased profitability in the period.

It added that the interim dividend is payable subject to deduction of withholding tax at the appropriate rates, on Thursday, 23rd November, 2017 to all shareholders registered in the books of the Company at the close of business on Wednesday, 15th November, 2017.

The board maintained that whilst the operating environment for the remainder of the year is expected to remain challenging, it is confident that, barring unforeseen circumstances, the company is well placed to deliver a good return on investment to shareholders.

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