Shareholders of Nigerian Breweries Plc, have approved the dividend payout of N19.40 billion for the financial year ended 2018.
The shareholders, who spoke in unison at the 73rd Annual General Meeting of the company held in Lagos stated that the company’s performance, despite the challenging operating environment was impressive and commendable.
They stated that the 2018 results as provided in the audited report and the 100 per cent dividend payout is a strong reflection of the company’s stability as well as its resilience in the face of challenges in the economy. They lauded the capacity of the board and the management for keeping the company stable and strong in the face of mounting challenges.
Speaking to shareholders, the chairman of Nigerian Breweries, Chief Kola Jamodu said that the company had declared a total dividend of N19.401 billion for the 2018 financial year with each shareholder to receive a dividend of N2.43 per ordinary share of 50 kobo. Jamodu explained that the company’s performance for 2018 financial year was good though there was a dip of about five per cent between 2017 and 2018 results.
He disclosed that despite increasing cost of running business as a result of increase in excise duty tariff by federal government and the double digit inflation witnessed in the country’s economy last year, the company could not pass the cost to consumers due partly to weak purchasing power.
On his part, company secretary/legal director, Nigerian Breweries, Uaboi Agbebaku disclosed that the 2018 financial year recorded a big boost as sales volume grew for the company even though cost of sales was a bit higher.
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