By Agency Reporter

The Board of the Nigerian Breweries Plc has announced a 7.3 per cent increase in the company’s profit for the financial year ended December 31, 2010.

The company’s audited financial result presented to the Nigerian Stock Exchange, showed that the company made a N44.9bn operating profit as against N41.6bn declared in the 2009 financial year.

The company’s turnover shows a 13 per cent increase from N164.2bn recorded in 2009 to N185.8bn. Profit before tax stood at N44.8bn, up from N41.3bn in 2009 while profit after tax showed a nine per cent increase from N27.9bn to N30.3bn.

A statement signed by the Company Secretary/Legal Adviser, Mr. Uaboi Agbebaku, said improvement in the supply of products and the benefits from increased investment in the company’s brands resulted in volume and revenue growth during the year under review.

“Our leadership position in the market was maintained,” the statement added.

The board has therefore recommended a total dividend of N18, 50,149,616 (N2.40k per ordinary share of 50k each) in respect of the 2010 financial year.

Having earlier paid an interim dividend, which was declared in May 2010, in the sum of N8,696,496,691 (N1.15k per ordinary share of 50k each), the final dividend will be N9,453,202,925 (N1.25k per ordinary share of 50 kobo each). If the dividend recommended is approved by the shareholders at the Annual General Meeting fixed for May 18, 2011, the final dividend of N1.25 shall be paid (less deduction of withholding tax at the appropriate rate).

Source: Punch