NB Plc Suffers 41% Profit Decline in 2018 As Revenue Dips by 6%
At 19.4 billion profit after tax for the year ended 2018, Nigerian Breweries, NB Plc Profit after Tax for the year was lower than the N31.6 billion recorded in 2017 representing a forty one per cent profit decline.
In simialr vein, the company’s revenue also dipped from the N344.5 billion posted in 2017 to N324 billion, indicating a six percent decline.
NB Plc announced a profit after tax of N19.4 billion for the 2018 Financial Year. According to the audited financial results released to The Nigerian Stock Exchange, the Company also made a Revenue of N324.4 billion during the period.
The statement further stated that the Board of Directors will be recommending to the Company’s Shareholders at the Annual General Meeting coming up on the 17th of May, 2019, the declaration of a total dividend of N19.4 billion, that is, N2.43k per share representing a hundred percent dividend pay-out ratio.
The profit decline not withstanding, the leading brewer had earlier, in 2018, paid an interim dividend of N4.8 billion which translated to N0.60k per share. In addition to this, it also announced the final dividend will be N14.6 billion, that is, an impressive N1.83k per share to bring the earning per share to N2.43k for the year.
If the proposed final dividend is approved, this will become payable on the 20th of May, 2019 to all Shareholders whose names appear on the Company’s Register of Members, at the close of business on the 6th of March, 2019.
In the statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, indicated that the 2018 Results were adversely impacted by the increased excise duty rates that came into effect during the year and a challenging operating environment.
Nigerian Breweries Plc, is the pioneer and largest brewing company in Nigeria. It serves the Nigerian market and exports to other parts of West Africa. Nigerian Breweries was incorporated in 1946 and the first bottle of its brand, the STAR Lager, rolled off the bottling lines of its Lagos brewery in June 1949.