By Dipo Olowookere
The Board of Directors of Nigerian Breweries Plc on Thursday announced its results for the 2017 operating year.
In its financial statements made available to the Nigerian Stock Exchange (NSE) yesterday, the leading brewer in the country recommended a dividend of N33 billion to its shareholders.
The proposed dividend payment comprises the interim dividend of N8 billion, which is N1 per share earlier paid by the company in November 2017.
It also amounts to a total dividend of N4.13k per share for the 2017 operating year.
In the company statement signed by its Secretary/Legal Adviser, Mr Uaboi Agbebaku, the Nigerian Breweries Board also announced a N33 billion profit after tax (PAT) for 2017 on a revenue of N344 billion.
This represents a 16 percent increase in profit after tax from N28.4 billion in 2016 and a 10 percent growth in turnover from N313 billion in the corresponding period.
Also from the results, the company’s basis earning per share (EPS) is N4.13k and with the closing price of N131.40k on Thursday, its price to earnings (PE) ratio stood at 31.82.
Commenting on the financial statements, Mr Agbebaku said, “Whilst the foreign exchange situation improved in the course of the year, double digit inflation continued to impact both businesses and consumers.
“Nevertheless, the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation.”
The Board maintained that whilst there are some early signs of improvement in the macro-economic condition, this is yet to be reflected in consumer confidence.
It expressed confidence that the firm has a clear strategy to deliver good return on investment to shareholders as part of its commitment to winning with Nigeria.
Adedapo Adesanya