BY OLUSHOLA BELLO |
Shareholders of Nigerian Breweries (NB) Plc, have approved the dividend payout of N7.52 billion for the 2020 financial year.
The shareholders gave their approval at the 75th annual general meeting (AGM) of the company held in Lagos, even as the company assured the shareholders of its commitment to continually improve the return on their investments.
Speaking during the AGM, shareholders noted that the total dividend payout comes as a result of the exceptional performance recorded by the company for the 2020 financial year.
They stated that the 2020 results contained 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 the global pandemic and operating challenges in the economy.
Speaking, the chairman of Nigerian Breweries, Chief Kola Jamodu, explained that, each shareholder would receive a final dividend of 69 kobo at an ordinary share of 50 kobo, having received an interim dividend of 25 kobo.
On his part, the company secretary/legal director, Nigerian Breweries, Uaboi Agbebaku disclosed that the 2020 financial year recorded a significant boost in sales volume even though the cost of sales rose from N191.76 billion to N218.36 billion.
Agbebaku, who was optimistic about the growth of the company going forward, noted that the company would continue to give utmost priority to the welfare of its shareholders in its decision making.
A breakdown of the company’s audited results shows that its profit after tax recorded for the 2020 financial year stood at N7.52 billion while net revenue increased sharply from N323 billion to 337.01billion between 2019 and 2020, representing a 4.3 per cent rise.