By PETER EGWUATU

…Pays N3.25 per share dividend
Consolidated Breweries Plc has recorded a turnover of N27. 9 billion for the financial year ended December 31, 2011, representing a growth of 14 per cent from N24.5billion in 2010.

The Chairman of Consolidated Breweries, Prof. (Mrs) Oyin Odutola-Olurin, who disclosed this at the company’s Annual General Meeting (AGM) in Lagos last week, said, “The Group recorded a 15 per cent increase in turnover from N25.8billion in 2010 to N29.7billion last year.

According to her, the profit after tax, declined with 18 per cent from N3.2billion in 2010 to N2.6billion in 2011, for the company and for the Group from N3.14billion in 2010 to N2.0billion in 2011, indicating a decrease of 37 per cent.

She attributed the decline in the company’s profit to stagnating volume growth and increasing operational costs occasioned by inclement operating environment in the country during the period under review.

‘’We rely heavily on generators to power our Breweries and the attendant costs of operations always affect our profitability”, she said, adding that ‘’the country’s road network still needs a lot to be desired, resulting in frequent breakdown of our trucks and adding to the already high transportation cost”.

Prof Odutola-Olurin noted with dismay that the partial removal of subsidy on fuel in January had further increased costs of running the company.