The Board of Directors of Nigerian Breweries Plc has approved the results for the 2022 financial year, recommending the payment of a total dividend of N13.872 billion, which is N1.43kobo per ordinary share of 50k each to its shareholders.

It will be recalled that the company had earlier paid in October 2022, an interim dividend of N3.288 billion which translated to 40k per share.

The payment of the final proposed dividend of N10.584 billion at N1.03k per share will be paid after its next Annual General Meeting billed to hold on April 26, 2023.

Qualifying shareholders whose names appear on the Company’s Register of Members at the close of business on March 16, 2023 will receive the final dividend.

In a statement signed by the Company Secretary/Legal Director, Nigerian Breweries, Uaboi Agbebaku announced revenues of N550.48 billion for the year ended 31st December 2022, which is a 26per cent increase from N437.20 billion recorded in the corresponding period in 2021. Profit after Tax for the period under review rose by eight per cent, moving from N12.93 billion in 2021 to N13.93 billion in 2022.

A breakdown of the results showed that inflation, devaluation of the naira and high energy prices led to a 33% increase in Marketing, Distribution, and Administration expenses(which moved from N123.13 billion in 2021 to N163.60 billon in 2022) and a 22per cent increase in Cost of Sales (from N276.87 billion in 2021 to N337.31 billion).

Agbebaku noted that the economic challenges experienced during the year under review had greatly affected consumer disposable income, but that the company showed great resilience, guided by its strong premium portfolio, brand mix improvements and strong pricing.

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