LAGOS — NIGERIAN Breweries Plc has announced an eight per cent increase in it’s profit for the financial year ended December 31, 2010.

The company’s audited financial result presented to the Nigerian Stock Exchange, weekend, showed that it made N44.9billion operating profit as against N41.6billion declared by the company in the 2009 financial year.

The company’s turnover showed a 13 per cent increase from N164.2billion recorded in the year 2009 financial year to N185.8billion. Profit before taxation stood at N44.8billion from N41.3billion in 2009 while profit after taxation showed nine per cent increase from N27.9billion to N30.3billion.

A statement by the company’s Secretary/Legal Adviser, Mr. Uaboi Agbebaku, said improvement in supply of products and benefits from increased investment in brands resulted in volume and revenue growth during the year under review.

“Our leadership position in the market was maintained,” statement said.

The statement said the Board has recommended a dividend of N18,150,149,616, that is,N2.40 per ordinary share of fifty kobo each in respect of the 2010 financial year.

It added that the company having earlier paid an interim dividend which was declared in May, 2010 in the sum of N8,696,496,691 or N1.15 per ordinary share of fifty kobo each, the final dividend will be N9,453,202,925 that is, N1.25 per ordinary share of fifty kobo each.

According to the statement, if the dividend recommended is approved by the shareholders at the Annual General Meeting fixed for May 18, 2011, the final dividend of N1.25 shall be paid (less deduction of withholding tax at the appropriate rate) on May 19, 2011 to all shareholders recorded in the company’s Register of Members at the close of business on Wednesday, March 16, 2011.

It said the company had plans to expand its operation as a result of which part of the profit after tax was to be retained.