Shareholders
of Nigerian Breweries Plc, Nigeria’s foremost brewer, have applauded the company
for recording an impressive financial result for 2015.
According to
the shareholders who spoke at the 70thAnnual General Meeting, AGM,
of the company held in Lagos on Wednesday, the company’s performance in spite
of the very challenging operating environment, stood out as a shining example
for other manufacturers to emulate.
Mr. Bello
Owonikoko, Chairman, Ibadan Zone of the Shareholders Solidarity Association stated
that the 2016 results and the dividend pay-out are strong signals of the resilience
of the company in the face of the challenges of the economy.
The same
sentiment was re-echoed by Chibuzor Eke-Emmanuel, who expressed confidence that
the company remains in good stead to weather the storm and deliver good returns
to shareholders in the future.
The 2015 audited
results showed that the Company’s shareholders earned a total dividend of N38.059
billion, translating into N4.80 (Four Naira Eighty Kobo) per unit of the
company’s ordinary share of fifty kobo each for the 2015 financial year. This
is the highest dividend ever paid by the company in its 70-year history.
Addressing
the Shareholders, Chief Kola Jamodu, Chairman, Board of Directors, said the
board had October 2015 paid an interim dividend of N9.5billion, representing
N1.20 per ordinary share of fifty kobo each. He stated that the policy of
dividend pay-out is in the strategic interest of the shareholders.
According to him, the proposed final dividend will be subject to
deduction of withholding tax at the appropriate rate and will be payable on the
12th of May, 2016, to all shareholders whose names appear on the
Company’s Register of Members at the close of business on the 2nd of
March, 2016.
“We remain committed to Winning with Nigeria. Thus we will sustain the
investment in our operations, systems, brands and of course people. Cost
leadership and market leadership supported by innovations remain our key
strategic pillars,” Jamodu said.
Nigerian Breweries is
the second most capitalized company on the Nigerian Stock Exchange (NSE). The
company paid out a total dividend of N37 billion (N4.75 kobo per ordinary share
of 50 kobo each) for the financial year ended December 31, 2014.
Not a few
analysts agree that Nigerian Breweries Plc has consistently added value to
shareholders investments with its dividend payouts. It would be recalled that
for the 2013 financial year, the company’s board had recommended the payment of
a total dividend of N34.032 billion, translating into N4.50 (four naira fifty
kobo) per ordinary share of fifty kobo each.
According to the 2015 corporate rating report by Augusto and co; Nigerian
Breweries possesses very strong financial condition and very strong capacity to
meet local currency obligations as and when they fall due. The rating, Augusto maintained, is underlined by the
company’s dominant position in the industry; highly experienced and stable
Board of Directors; and competent management team. The rating is also supported
by NB’s strong financial condition which is validated by good profitability,
low leverage, good cash flow and adequate working capital.
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