By Our Correspondent

Lagos (INVESTADVOCATE)-Brewing Giants, Nigerian Breweries Plc (NB) Friday said it will payout N22.68 billion ($144 million) as dividend to shareholders of the Company for the 2012 Financial Year End (FYE).

This is contained in the Audited Financial Statement for the Period Ended December 31 2012 released to the Nigerian Stock Exchange (NSE) and made available to www.investadvocateng.com in Lagos Nigeria.

Analysts at Cordros Capital say the N22.68 billion proposed payout is a N3.00 per share dividend declared; translating to a yield of 1.76% on a payout ratio of 60%.

On its part, Afrinvest Weekly Stock Market Report for the Week Ended February 22 2013 noted that Participants were unimpressed by the Corporate Action announced by NB subsequently trimming off 2.3% from its price.

The Brewer opened on Friday February 22 2013 at a price of N170.01 and closed at N166.00 recording a loss of -2.36%.

As earlier reported by www.investadvocateng.com, Nigerian Breweries had in year 2011 end, increased its dividend payout to investors by 25%.

To achieve the 25% increase in dividend payout to its shareholders, the Brewer in year 2010 paid a total dividend of N2.40 Kobo compared to the N3.00 paid in 2011.

NB in its Corporate Action has said closure date of register is 14th – 20th of March, 2013 while payment date is scheduled for 16th of May, 2013; after its Annual General Meeting (AGM) scheduled to take place on 15th of May, 2012 at the Muson Centre, Onikan, Lagos Nigeria.

A review of the Audited Financial Statement for the Period Ended December 31 2012 shows that Post-tax Profit of Nigerian Breweries increased slightly by 0.1 percent (0.1%) as the Company recorded N38.042 billion compared to N38.050 recorded in year 2011 end.

Pretax Profit declined by 1.36% as the Brewing Giant posted N55.624 billion in year 2012 end compared to N56.397 billion in year 2011.

However, Gross Revenue grew by 20% as the Company recorded N252.674 billion in year 2012 compared to N211.071 billion during the same period of year 2011.

The Analysts at Cordros Capital is hinging the 20% growth in Gross Revenue by contributions from the consolidation of its acquired breweries in Q4’12 as well as stronger volumes.

At the end of Third Quarter (Q3) of year 2011, Nigerian Breweries announced that it has acquired Sona Systems Associates Business Management Ltd and Life Breweries Company Ltd to help transform its operations.