DespiteÂ theÂ economicÂ slowÂ downÂ and other social factors which affected businesses in 2009, Nigerian Breweries has declared a 13 per cent increase inÂ Operating Profit from N36.8 billion recorded in 2008 to N41.7 billion in 2009.
TheÂ Companyâ€™sÂ turnoverÂ forÂ theÂ 2009Â financialÂ yearÂ endedÂ 31st December, 2009 also increased by 13 per cent from N145.5 billion in 2008 to N164.2 billion in 2009.
InÂ aÂ statementÂ signed by Uaboi Agbebaku, Company Secretary/Legal Adviser onÂ behalfÂ ofÂ the Companyâ€™s Board of Directors, the Board has recommended theÂ paymentÂ ofÂ aÂ totalÂ dividendÂ of N27.9 billion, that is, N3.69Â per ordinaryÂ shareÂ ofÂ fifty kobo each in respect of the 2009 financial year.
HavingÂ earlier paid two interim dividends in July, 2009 and February, 2010 inÂ theÂ sumÂ of N21.2 illion,Â thatÂ is,Â N2.80 per share each, the final dividend will be N6.7 billion, that is, 89 kobo per share each.
If approved byÂ theÂ shareholders at the Annual General Meeting scheduled for 19th May, 2010, the final dividend of 89 kobo per share is payable (less deduction of withholding tax) on 20th May, 2010.
AccordingÂ toÂ theÂ statement,Â â€œtheÂ BoardÂ isÂ not unaware of the current economicÂ slow_down as well as its continuing impact on businesses in 2010.
OtherÂ factorsÂ includeÂ theÂ challengingÂ security situation especially in partsÂ ofÂ theÂ SouthÂ East and the credit squeeze occasioned by the recent shake_upÂ Â inÂ theÂ bankingÂ sector.Â â€œNevertheless,Â theÂ BoardÂ expectsÂ a continuation of a positive trend in the result for 2010.â€