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Nigerian Breweries revenue hits N253b in 2012

By on February 28, 2013

The Board of Directors of Nigerian Breweries Plc. has announced a revenue of N253 billion for the 2012 financial year. The unaudited and provisional result released at the weekend shows a 20 per cent increase in revenue over the N211 billion recorded in the 2011 financial year.

The Company’s profit before tax stood at N56 billion for the 2012 financial year.

A statement issued by the board reveals that the company maintained its leadership position in the market despite the challenging operating environment in 2012.

Results from the company’s operating activities grew by 13 per cent from N54 billion to N64 billion, while profit for the year was impacted by high financing costs arising from investments in plant expansion as well as working capital.

The statement signed by Uaboi Agbebaku, Company Secretary and Legal Adviser, said the board has recommended the payment of N23 billion dividend, that is, per ordinary share of 50 kobo each.

If the dividend recommended is approved, it shall be paid (less deduction of withholding tax at the appropriate rate) on the 16th of May, 2013 to all shareholders recorded in the Company’s Register of Members at the close of business on Wednesday, 13th March, 2013. The company’s yearly general meeting is scheduled for May 15.

According to Agbebaku, the operating environment is expected to remain challenging but, the board is confident that the company is prepared to take advantage of any growth in the market.

 

[ Guardian]