Nigerian Breweries Plc records N437.196 billion revenue in 2021 financial year

Nigerian Breweries Plc is the largest brewing company in Nigeria. It serves the Nigerian market and West Africa.

Nigerian Breweries Plc's Board of Directors has released its audited financial statement for the year ending December 31, 2021, which shows revenue of N437.196 billion. This marks a 29.7% increase over the 337.006 billion recorded during the same time period in 2020.

The Company's profit for the period under review increased by 71.8 percent, from N7.525 billion in 2020 to N12.927 billion in 2021, according to the audited results.

The Board of Directors applauded management for putting the company on the path to recovery from the devastating impact of the COVID-19 epidemic and other obstacles experienced during the year, according to a statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku.

At the upcoming Annual General Meeting (AGM), the Board will recommend to shareholders the declaration of a total dividend of $12.921 billion at 50 thousand dollars per share, representing a 100 percent dividend payout ratio.

You may also recall that the company paid an interim dividend of 3.230 billion dollars, or 40 thousand dollars per share, in October 2021. Shareholders will receive a final proposed dividend of $9.69 billion at $1.20 per share if the proposal is approved on April 25, 2022. The current stock price at the time of this writing is N48. 

Only qualified shareholders whose names remain on the Company's Register of Members at the close of business on March 9, 2022, will be paid the last dividend, according to the statement. The Board will also recommend to shareholders at the upcoming AGM a right of election for Qualifying Shareholders to receive new ordinary shares in the Company instead of the final dividend in cash, according to the statement.

Agbebaku stated that the company is focused on improving performance in the coming years. It would also continue to use cost-effective strategies to keep its financial sheet strong and healthy while protecting the safety and well-being of its employees, customers, and partners.