NB Proposes N13.87bn Total Dividend In 2022

Nigerian Breweries (NB) Plc has declared a total dividend of N13.873 billion for the year ended December 31, 2022.

The company is recommending to shareholders at the forthcoming annual general meeting (AGM), the declaration of a total dividend of N13.873 billion, representing N1.43 per ordinary share of 50 kobo each.

The total dividend is comprised of an interim dividend of N3.288 billion, that is 40 kobo per share which was declared in October 2022, and a final dividend of N10.584 billion, that is N1.03, per share.

The company, in its audited results for the year ended December 31, 2022, revealed a revenue growth of 26 per cent to N550.638 billion from N437.285 billion in 2021. Cost of sales grew by 22 per cent to N337.310 billion as against N276.872 billion in 2021, while gross profit stood at N213.328 billion, an increase of 33 per cent compared to N160.413 billion achieved in 2021.

Marketing, distribution & administrative expenses up by 33 per cent from N123.545 billion in 2021 to N164.558 billion in 2022, while operating activities rose by 25 per cent to N51.756 billion as against N41.494 billion in 2021.

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Meanwhile, profit after tax rose by four per cent to N13.187 billion from N12.672 billion in 2021, while basic earnings per share amounted to N1.58 in 2022 from N1.57 in 2021.

In a release signed by the company’s secretary, Uaboi Agbebaku, said: “for the full year 2022, net revenue grew by 25 per cent driven by brand mix improvements and strong pricing. The total market decreased by high single-digit reflecting pressure on consumer disposable income as well as naira devaluation and inflation.

“Nevertheless, we outperformed the market led by our strong premium portfolio. Cost of sales, marketing, and distribution expenses were under pressure due mainly to inflation, devaluation of the naira and high energy prices. 

“While the operating margin was flat, our profit after tax margin reduced driven mainly by the increase in foreign exchange losses due to the naira devaluation and foreign currency scarcity. Despite the net margin decrease, the Company grew its profit after tax by eight per cent.