Nigerian Breweries Plc Wednesday announced a profit after tax of N38.03bn for the financial year ended December 31, 2011, an increase by 24.4 per cent when compared with N30.3bn recorded in the same period of 2010.
The company’s turnover rose by 23.8 per cent, from N239bn recorded in 2010 to N185.9bn in 2011, while operating profit stood at N56.6bn in 2011, from N44.9bn in 2010.
Addressing Journalists at the company’s Pre- Annual General Meeting in Lagos, the Managing Director, Mr. Nicola as Verves, said that the result included the consolidation of the three-month figures of Sons Associate Business Management Limited and Life Breweries Company Limited, acquired in the last quarter of 2011.
According to him, the brewing, packaging, marketing and sale of Goldberg lager beer, Malta Gold and Life Continental lager beer, formerly owned by the tow companies, will now be done by the Nigerian Breweries.
He noted that the volume and revenue growth in the year under review were reflections of the continuous improvement in the supply of the company’s products as well as the increased investments in its brands.
He added that the company’s effective cost management and enhanced human resources development further contributed to its impressive performance.
Verves said that the company’s board recommended the payment of total dividend of N22.7bn to shareholders, representing N3.00 per share, an increase of 25 per cent when compared to N2.40 per share declared in 2010.
The chairman of the company, Mr. Cola Jammed, pointed out that the market was expected to continue its growth in 2012, adding, “Competition has become very intense and was expected to remain so into the year.”
He said that the company is ready for the exciting times ahead, as it is not relented in investing in human and capital assets to enable it compete at the highest level.
“With the merger, we aim to among others, reduce cost, create synergies amongst our different operating units and make it easier for us to compete at the highest level,” he added.