Business

Nigerian Breweries approves N3.29bn dividend for shareholders

Nigerian Breweries Plc has announced N3.29 billion as dividend for its shareholders following a revenue growth of 27 per cent for nine months which ended on September 30.

The company made the disclosure via a statement issued on Wednesday by its secretary/legal director, Uaboi Agbebaku.

Agbebaku stated that Nigerian Breweries recorded a revenue of N393.34 billion for the third quarter against the N309.22 billion recorded in the corresponding period in 2021.

He noted that revenue growth in the quarter driven by pricing was however offset by higher input cost arising from increased rate of inflation and higher energy costs.

He said the cost of sales rose significantly by 20.2 per cent from N198.75 billion in 2021 to N238.92 billion during the period under review in 2022.

Agbebaku added that marketing, distribution, and administration expenses grew by 40.1 per cent from N86.33 billion in 2021 to N120.95 billion in 2022.

“Apart from volume and cost challenges which affected business performance negatively in Q3, 2022, there was increased pressure on consumer disposable income as well as heavy rains and flooding.

“Nevertheless, the company performed relatively well in the period led by strong premium portfolio of Heineken, Tiger, and Desperados.

“In spite of the volume and cost challenges in the third quarter, the strong performance recorded in the first half of the year ensured that operating profit grew by 44 per cent while profit after tax went up 80 per cent.

“The board has announced an interim dividend of N3.29 billion payable to shareholders at 40,000 each per ordinary share of 50,000” he stated.

The Star