BY PETER EGWUATU
The Board of Directors of Nigerian Breweries, NB Plc has declared a total dividend of N37.2 billion for the 2014 financial year. The amount represents a pay out of N4.75 (four naira seventy five kobo) per ordinary share of fifty kobo each. According to the company, the total dividend of N37.2billion has been recommended by the board for shareholders’ approval at the 2015 Annual General Meeting, AGM.
A statement released by the Board, said the company had earlier paid an interim dividend of N9, 453, 380, 540.00 (nine billion, four hundred and fifty three million, three hundred and eighty thousand, five hundred and forty naira only) that is, N1.25 (one naira twenty five kobo) per ordinary share of fifty kobo each in October 2014.
Thus the final dividend will be N27, 751, 853, 108.00 ( twenty seven billion, seven hundred and fifty one million, eight hundred and fifty three thousand, one hundred and eight naira only), that is, N3.50 per ordinary share held. If the proposed final dividend is approved, it shall be paid subject to a deduction of withholding tax, on the 14th of May 2014 to all shareholders whose names appear on the company’s Register of Members at the close of business on the 4th of March 2014.
The statement signed by Mr. Uaboi Agbebaku, Company Secretary and Legal Adviser revealed that the company recorded a revenue of N266.3 billion in 2014, a 0.8 per cent decline from N268.6 billion revenue in 2013. The results from the company’s operating activities showed a profit before tax of N61.4billion and a profit after tax of N42.5billion for the year under review.
Agbebaku said despite the challenging circumstances in 2014, the Company was able to return creditable results for the year due in part to her Cost Leadership and Innovation agenda. “In the course of the year under review, the Company concluded the legal process which culminated in a merger with Consolidated Breweries Plc resulting in an enlarged company. The effective date of the merger was 31st December, 2014. The reported performance does not include the results of the dissolved Consolidated Breweries Plc”, the statement said.
“The beginning of 2015 has seen a continuation of the challenging business environment with even more impact on disposable income. However, our Company is poised to maximize the economies of scale arising from an enlarged company formed from the merger with the dissolved Consolidated Breweries Plc, with a view to creating more value for shareholders. Our innovation and Cost Leadership agenda will be enhanced in 2015 and, the Company is also in a position to take advantage of any upswing in the economy and maintain its market leadership”.