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Nigerian Breweries records N42bn profit

Despite  the  economic  slow  down  and other social factors which affected businesses in 2009, Nigerian Breweries has declared a 13 per cent increase in  Operating Profit from N36.8 billion recorded in 2008 to N41.7 billion in 2009.

The  Company’s  turnover  for  the  2009  financial  year  ended  31st December, 2009 also increased by 13 per cent from N145.5 billion in 2008 to N164.2 billion in 2009.

In  a  statement  signed by Uaboi Agbebaku, Company Secretary/Legal Adviser on  behalf  of  the Company’s Board of Directors, the Board has recommended the  payment  of  a  total  dividend  of N27.9 billion, that is, N3.69  per ordinary  share  of  fifty kobo each in respect of the 2009 financial year.

Having  earlier paid two interim dividends in July, 2009 and February, 2010 in  the  sum  of N21.2 illion,  that  is,  N2.80 per share each, the final dividend will be N6.7 billion, that is, 89 kobo per share each.

If approved by  the  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.

According  to  the  statement,  “the  Board  is  not unaware of the current economic  slow_down as well as its continuing impact on businesses in 2010.

Other  factors  include  the  challenging  security situation especially in parts  of  the  South  East and the credit squeeze occasioned by the recent shake_up   in  the  banking  sector.  “Nevertheless,  the  Board  expects  a continuation of a positive trend in the result for 2010.”


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