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NB offers N34.03b dividend for 2013

By on February 15, 2014

Breweries’ major, Nigerian Breweries, on Thursday submitted its 2013 full year audited financial statement to through the Nigerian Stock Exchange (NSE), the high point of which was an offer of N34.032 billion as dividend, translating to N4.50 per ordinary share of 50 kobo.

The dividend is expected to be approved by the company’s shareholders at its 68th annual general meeting scheduled for Lagos, on May 14, while payment is billed for the following day, to those who were shareholders as at the close of business on March 5, 2014.

According to the result, Nigerians drank larger and malt drinks worth N269.613 billion brewed by NB in 2013, up from N252.674 billion, out of which profit before tax rose from N62.24 billion, to N55.624 billion. Profit after tax improved form N38.042 billion reported in the corresponding period of 2012 to N43.080 billion, representing basic earnings per share of 570 kobo from 503 kobo.

Going forward, the company said it is committed to ensuring that most of its raw materials are generated through local sources by 2020, and ensuring 100 per cent compliance with its supplier code procedures.

“As part of our local sourcing agenda, 100 per cent of our packaging material requirement is now being fulfilled using local sources. In 2013, we strengthened and sustained our Sorghum value chain program through commercialisation of two hybrid seeds previously developed. We are currently working with local agro allied companies to develop glucose syrup from cassava towards the stated objective of increased local sourcing”, the statement stated.

Meanwhile, equities capitalisation went down by N288.714 billion to close at N12.622 trillion; while the All-Share Index closed at 39,378.15 basis points after it went down by 900.67 points or 2.23 per cent.

Food products-diversified major player, Nestle Nigeria, led 52 others on the decliners’ table when it went down by N18.00; followed by breweries’ major, Guinness Nigeria which dropped 500 kobo; its peer-Nigerian Breweries shed 450 kobo; building materials’ Dangote Cement lost 396 kobo; while Presco depreciated by 242 kobo; among others.

Construction giant, Julius Berger Nigeria led seven gainers with a gain of 95 kobo; followed by PZ Cussons which grabbed 69 kobo; Red Star Express added 21 kobo; University Press notched 15 kobo;  while Cutix chalked 8 kobo; among others.

 

 

[Daily Independent]