Nigerian Breweries Grows Turnover To N437.2b

Stanbic-IBTC-Pension-Managers

Nigerian Breweries (NB) Plc grew its top-line by 29.7 per cent to N437.2 billion in 2021 as the brewer saw a major recovery in sales and margins.

Key extracts of the audited report and accounts of NB for the year ended December 31, 2021 released at the weekend showed that turnover rose from N337.01 billion in 2020 to N437.2 billion in 2021. Operating profit rose by 40.2 per cent from N29.82 billion to N41.81 billion. Net profit jumped by 71.8 per cent to N12.93 billion in 2021 compared with N7.53 billion in 2020. Earnings per share thus increased correspondingly from 94 kobo in 2020 to N1.61 in 2021.

While the share capital increased by one per cent from N3.998 billion to N4.038 billion, shareholders’ funds rose by 6.8 per cent from N161.15 billion to N172.14 billion. Net assets per share also imporved from N20.15 in 2020 to N21.40 in 2021, representing an increase of 6.2 per cent.

The board of the company has recommended payment of the entire net profit of N12.93 billion as cash dividends for the 2021 business year. Shareholders will receive a final dividend of N1.20 per share or N9.69 billion, after the company had paid N3.23 billion or 40 kobo per share as interim dividend during the year. The final dividends will be paid to shareholders whose names appear on the company’s register as at close of business on March 09, 2022.

Also, the board would also seek shareholders’ approval at the forthcoming annual general meeting (AGM) for a right of election for qualifying shareholders to receive new ordinary shares in the company instead of the final dividend in cash.

Company Secretary and Legal Director, Nigerian Breweries (NB) Plc, Uaboi Agbebaku, said the board of directors commended the management for placing the company on the path to recovery from the debilitating impact of the COVID-19 pandemic and other challenges faced during the year.

Agbebaku stated that the company remains committed to delivering improved performance in the years ahead.

According to him, the company would also continue to deploy cost-efficient measures to keep its balance sheet strong and healthy while ensuring that the safety and welfare of its employees, customers and partners remain well protected.

Stanbic-IBTC-Pension-Managers

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