By Abdulqudus OKELE InvestAdvocate
Lagos (INVESTADVOCATE)-Beer producer, Nigerian Breweries Plc on Thursday said its profit after tax (PAT) for the period ended December 31, 2017 grew 16.30 percent to N33.05 billion from N28.4 billion a year ago, according to a filing with the Nigerian Stock Exchange (NSE).
Similarly, revenue of the company increased 10 percent to N344.6 billion from N313.7 billion posted the corresponding year.
Uaboi Agbebaku, company secretary/legal adviser in a statement said “whilst the foreign exchange situation improved in the course of the year, double digit inflation continued to impact both businesses and consumers. Nevertheless, the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation”.
He added that the board of the company maintained that whilst there are some early signs of improvement in the macro-economic condition, this is yet to be reflected in consumer confidence. “The Board remains confident that the Company has a clear strategy to deliver good return on investment to Shareholders as part of its commitment to Winning with Nigeria,” Agbebaku said .
The brewer in its corporate action to the NSE offered shareholders of the company a final dividend of N3.13 per share for the 2017 operating year which includes the N1.00 per share interim dividend paid by the company in November 2017; amounting to N4.13 kobo per share compared to N2.58 per share paid in 2016 end.
The dividend recommendation amounts to a total dividend N33 billion in 2017 compared to N20.5 billion paid a year earlier.
Analysts at InvestmentOne said the final dividend of N3.13 per share represents a dividend yield of 2,38 percent based on the closing price at the end of Thursdays trading on the Nigerian bourse.
Nigerian Breweries said its closure date is March 7 to March 13, 2018; while qualification date is March 6, 2018 and payment will be made on April 23, 2018.
Shares of the brewer at the closing of the day’s trading appreciated 1.86 percent percent to N131.40 from N129.00 traded the last session; gaining N2.40 per share.
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