Nigerian Breweries Sells N 230 billion Worth of Beer in 2011

NIGERIAN Breweries Plc Group, comprising Nigerian Breweries Plc (NB Plc) and its recently acquired subsidiaries — Sona Systems Associates Business Management Limited and Life Breweries Company Limited, recorded an operating profit of N56.6 billion for the 2011 financial year.

The audited result released by the board of the company shows that the sum of N230.1billion was recorded as group turnover while the group’s profit after tax stood at N38billion.

A statement signed by the Company Secretary and Legal Adviser, Uaboi Agbebaku, said the group result arose from the consolidation of the three-month figures for the two acquired companies in the last quarter of 2011 with the figures of the company. There were no comparative figures for the group as 2011 was the first year of consolidation.

The result further shows that NB Plc, without Sona Systems and Life Breweries, recorded an operating profit of N57.2 billion from a turnover of N226.2 billion during the 2011 financial year. This shows a significant increase over the N44.9 billion operating profit from a turnover of N185.9 billion, achieved by the company during the corresponding period in 2010.

The company ended 2011 with a profit after tax of N38.4 billion compared to the N30.3 billion recorded in 2010.

The statement added that volume and revenue growth for the company in the year under review were a reflection of the continuous improvement in the supply of the company’s products as well as the benefits arising from increased investment in the brands.

The board has recommended (for the Company), the payment of a total dividend of N22. 69 billion, that is, N3.00 per ordinary share of 50 kobo each for the 2011 financial year. The N3.00 per share is an increase over the N2.40 per share paid in the 2010 financial year.

According to the board, if the dividend recommended is approved, it shall be paid (less deduction of withholding tax at the appropriate rate) on the 17th of May, 2012 to all Nigerian Breweries’ shareholders recorded in the company’s register of members at the close of business on Wednesday, 14th March, 2012.