Nigerian Breweries proclaims N7.7bn profit, offers new offers alternative for investors

Nigerian Breweries (NB), Nigeria’s biggest beer maker by market size, has announced a total dividend of N7.71 billion for its shareholders for full-year 2020.

This addresses a 52 percent decline from N16.1 billion proclaimed in 2019.

The organization likewise gave investors the choice to get extra offers rather than cash profit.

The preparing organization said it had reserved the whole net benefit of N7.5 billion recorded in 2020 for payout to investors as money profits

Speaking at the pre-annual general meeting (AGM) media briefing in Lagos on Wednesday, Jordi Borrut Bel, managing director of NB, said the 100 percent dividend payout recommendation is a demonstration of the company’s strong performance for the financial year-end 2020.

Borrut Bel said NB emerged as the only brewer in Nigeria to record a profit in a difficult year.

The brewing company’s result for year 2020 showed that it made a profit of N7.52 billion and a net revenue of N337.01 billion as against the N323 billion recorded in 2019.

“Business execution was very great particularly despite the COVID-19 pandemic and monetary downturn,” Borrut Bel said.

“Despite the fact that there was a slight decrease in benefit contrasted with the earlier year, the business saw an improved development in income. The meaning of this is that business turned out to be more steady and better.”

The MD clarified that the improved execution for 2020 could generally be ascribed to the enormous decrease in both managerial, advertising and circulation costs for the monetary year contrasted with 2019.

He said the advertising and dissemination costs dropped from N77.70 billion out of 2019 to N70.7 billion of every 2020, authoritative costs declined by 1.79 percent from N19.30 billion to N18.96 billion.

He further said NB maintained a strong and healthy balance sheet despite other operating challenges coupled with the COVID-19 pandemic that affected businesses generally.

Borrut Bel assured stakeholders that the company remains committed to ensuring that the health, safety and welfare of its employees, customers and partners are protected.

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