Nigerian Breweries approves N3.29bn dividend for shareholders
Nigerian Breweries Plc, Nigeria’s foremost brewing company, on Wednesday announced N3.29 billion as dividend for its shareholders following a revenue growth of 27 per cent for nine months ended Sept. 30.
Nigerian Breweries
Recommended articles
![Nigerian banks with the largest growth in dividend payment [Pulse]](data:image/svg+xml;charset=utf8,%3Csvg%20xmlns%3D'http%3A%2F%2Fwww.w3.org%2F2000%2Fsvg'%20width%3D'100'%20height%3D'100'%20data-ring-placeholder%3D'1'%3E%3C%2Fsvg%3E "Nigerian banks with the largest growth in dividend payment [Pulse]")
According to the statement, the company posted a revenue of N393.34 billion for the third quarter against the N309.22 billion recorded in the corresponding period in 2021.
It stated that revenue growth in the quarter driven by pricing was however offset by higher input cost arising from increased rate of inflation and higher energy costs.
Further analysis of the statement revealed that cost of sales rose significantly by 20.2 per cent from N198.75 billion in 2021 to N238.92 billion during the period under review in 2022.
ADVERTISEMENT
Meanwhile, marketing, distribution, and administration expenses also grew by 40.1 per cent from N86.33 billion in 2021 to N120.95 billion in 2022.
“Apart from volume and cost challenges which affected business performance negatively in Q3, 2022, there was increased pressure on consumer disposable income as well as heavy rains and flooding.
“Nevertheless, the company performed relatively well in the period led by strong premium portfolio of heineken®, tiger and desperados.
“In spite of the volume and cost challenges in the third quarter, the strong performance recorded in the first half of the year ensured that operating profit grew by 44 per cent while profit after tax went up 80 per cent.
“The board has announced an interim dividend of N3.29 billion payable to shareholders at 40k each per ordinary share of 50k,” the statement read.
ADVERTISEMENT
The company while being cautious about input costs and consumer demand in the remaining period of 2022, assured stakeholders that it was well positioned to take advantage of any upswing in the market and maintain its leadership position.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
South African online casino player strikes gold with R189,000 win at Tusk Casino
A Symphony of Style and Innovation: Introducing the itel S24
200 jobs at risk as Microsoft considers closing major investment in Nigeria
Naira depreciates again at official market, trades at ₦1,416 to dollar
3 Nigerian banks record largest growth in dividend payments in 2023
Common ways your WiFi router is the cause of your internet problems
Exploring the Metaverse: How online slots might evolve in virtual worlds
Inner Drive: An epic journey, told through individual narratives
FG announces plan to delist naira from all P2P platforms
Pulse Sports
DAVID AND VICTORIA BECKHAM: How the global soccer superstar and the Spice Girl-turned-fashion designer make and spend their millions
Chelsea set to offer Romelu Lukaku and cash for Super Eagles star Victor Osimhen
Mikel Obi: Super Eagles legend goes viral speaking Hausa
Anthony Joshua: Nigerian-born boxer teams up with Mariah Carey, Naomi Campbell and Cuppy in France
ADVERTISEMENT
