Nigerian Breweries to Pay N1.9b divined on Q3 earnings

The board of directors of Nigerian Breweries (NB) Plc has earmarked about N1.9 billion for distribution to shareholders as interim cash dividend after the company posted net profit of N7.05 billion in third quarter.

Shareholders will receive a dividend per share of 25 kobo.

According to the unaudited and provisional results filed at the Nigerian Stock Exchange, NB saw 0.7 per cent decline in revenue from N235.7 billion in September 2019 to N234 billion in September 2020.

The company attributed the marginal decline to factors such as increase in Excise Duty, rising inflation, increase in value-added tax ( VAT) from 5.0 per cent to 7.5 per cent as well as the impact of the COVID-19 on most businesses across the world.

In a statement signed by the Company Secretary and Legal Director, Nigerian Breweries Plc, Mr. Uaboi Agbebaku, the company reassured that it would continue to focus on efforts to mitigate the impact of the pandemic on its operations, while protecting the health, safety and welfare of employees, customers and partners.

The statement noted that the interim dividend will become payable on Tuesday, December 1, 2020 to all shareholders registered in the books of the company as at Friday, November 20, 2020.