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Shareholders hail Nigerian Breweries’ performance

By BusinessNews Staff on May 16, 2014

Nigerian Breweries Plc yesterday received commendations from shareholders for its impressive results for the 2013 financial year and its merger plan with Consolidated Breweries Plc.

Speaking at the 68th Annual General Meeting of the company in Lagos, the shareholders hailed Nigerian Breweries for recording a 13 per cent increase in profit after tax as well as the dividend payment of 450 kobo per ordinary share of 50 kobo.

The 450 kobo is the highest dividend the company has ever paid and it showed an increase of 50 per cent compared to 300 kobo dividend paid the previous year.

The 450 kobo dividend, which amounted to N34 billion, was approved by the elated shareholders. Following the approval of the dividend will be paid as from today(May 15) to all shareholders recorded in the company’s register of members as at the close of business on Wednesday, March 5, 2014.

Nigerian Breweries Plc recorded a turnover of N268.6 billion for the year ended December 31, 2013, up 6.3 per cent from N252.67 billion in 2012. Profit before tax rose by 11.9 per cent from N55.62 billion to N64.61 billion. Profit after tax grew by 13.2 per cent from N38 billion to N43 billion.

The Managing Director/Chief Executive Officer of NB Plc, Mr. Nicolaas Vervelde, said Nigerian Breweries maintained its leadership position in the market in spite of the challenging operating in environment in 2013.

According to him, the company’s activities increased by seven per cent while profit after tax grew by 13 per cent being further impacted by lower financing costs.

The total brewed product market, he said, recorded a modest growth in 2013 with the value for money segment playing a significant role in it, while the investments the company has made over the years and most recently with the acquisitions and subsequent merger of the acquired companies, has placed Nigerian Breweries in its best position to compete.

“Despite the difficult operating environment, we recorded growths in all segments of the market and indeed out-perform the market. We sustained our enviable leadership position in the market,” he said.

Although Vervelde noted that the operating environment is expected to remain challenging in 2014, he assured stakeholders that the company remains confident in maintaining its market leadership as well as take advantage of any growth opportunity that occurs.

[This Day]

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