By Yakubu LAAH investadvocate

Feb 24 2011 16.20 GMT

Lagos (INVESTADVOCATE)-Investors of Brewing Giants, Nigerian Breweries Plc (NB) are to suffer 34.95 percent (-34.95%) loss for the 2010 Financial Year End (FYE).

This was contained in a Result Announcement Thursday February 24 2011 by the Brewing Company to the Nigerian Stock Exchange (NSE) and made available to investadvocate in Lagos Nigeria.

Nigerian Breweries proposed to pay a dividend of N1.25 Kobo in addition to an interim dividend of N1.15 Kobo paid earlier in May year 2010.

The Company affirmed that the proposed N1.25 is in respect to their year end accounts, bringing its dividend payout for the 2010 FYE to a total N2.40.

To record the loss in dividend payout, the Brewing Firm in year 2009 made a final dividend payment of N3.69 Kobo to its Shareholders compared to N2.40 kobo to be paid in year 2010; representing a loss of 34.95% in the proposed period.

Nigerian Breweries affirmed in the announcement to the Stock Exchange that the Register of Members for the final dividend will close between Thursday March 17 to Wednesday March 23 year 2011; while payment is slated for Thursday May 19 2011 after Shareholders are scheduled to approve the proposal at an Annual General Meeting (AGM) to hold Wednesday May 18 2011 at the Shell Hall, Muson Centre in Lagos Nigeria.

For the Third Quarter (Q3) Result ended September 30 2010, the Company recorded a Profit After Tax (PAT) of N21.137 billion in year 2010 compared to N21.349 in Q3 of year 2009; indicating a loss of -0.99%.

While Profit Before Tax (PBT) for the Q3 of year 2010 is N31.710 billion compared to N31.595 billion in the same period of year 2009; showing a slight increase of 0.36% in the review period.

Turnover of the Firm in Q3 of 2010 was N130.706 billion compared to N118.975 billion in the corresponding period of year 2009, representing an increase of 9.86%.

Prior to this time, Nigerian Breweries had announced Earnings Results for the Year Ended December 31 2009. The company recorded a Turnover of N164 billion compared to N145 billion in 2008, N111 billion in 2007, N86 billion in 2006 and N80 billion in 2005.

However, details show that the Nigeria’s Brewing Giants had paid dividends of 40 kobo in 2004; N1.20 in 2005; N1.44 in 2006; N2.50 in 2007; N3.40 in 2008 and N3.69 in 2009.

As at the time of filling in this Report, the Company was among the top losers; when its price dropped from N81.00 to N77.00 Kobo and investors lost N4.00 Kobo.