NB Plc de­lights share­hold­ers

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SHARE­HOLD­ERS OF NIGERIAN BREW­ERIES PLC have ap­proved a to­tal div­i­dend of N16.1 bil­lion for the year ended De­cem­ber 31, 2019, trans­lat­ing to N2.01 per share.

The ap­proval was given at the com­pany’s 74th An­nual Gen­eral Meet­ing in La­gos ....

SHARE­HOLD­ERS OF NIGERIAN BREW­ERIES PLC have ap­proved a to­tal div­i­dend of N16.1 bil­lion for the year ended De­cem­ber 31, 2019, trans­lat­ing to N2.01 per share.

The ap­proval was given at the com­pany’s 74th An­nual Gen­eral Meet­ing in La­gos.

Kola Jamodu, the chair­man of the com­pany, said the com­pany had ear­lier paid an in­terim div­i­dend of N3.99bn, trans­lat­ing to 50 kobo per share, in De­cem­ber 2019.

He said the fi­nal div­i­dend of N12.1bn, trans­lat­ing to N1.51 per share, be­came payable ef­fec­tive June 24, 2020.

A break­down of the com­pany’s re­sults for the pe­riod re­vealed that it recorded a net rev­enue of N323bn as against N324.4bn in 2018.

Jamodu said some of the fac­tors that im­pacted on the com­pany’s per­for­mance in 2019 were in­fla­tion at dou­ble-digit rate, in­crease in in­put cost and a fur­ther rise in the ex­cise duty rate which could not be passed to the con­sumer due to con­tin­ued pres­sure on pur­chas­ing power.

He said the busi­ness was nev­er­the­less able to post a profit af­ter tax of N16bn for the year due to a se­ries of innovation­s and im­ple­men­ta­tion of cost ef­fi­cien­cies.

Share­hold­ers at the event com­mended the board and man­age­ment of the com­pany for be­ing re­silient in the face of the chal­leng­ing op­er­at­ing en­vi­ron­ment.

They ap­pre­ci­ated the div­i­dend pay­ment, which they said was com­ing at the right time in view of cur­rent eco­nomic re­al­i­ties.

The share­hold­ers also com­mended the board for en­sur­ing that in­vestors con­tin­ued to get re­turns on their in­vest­ment in the com­pany.

They urged the com­pany not to re­lent in look­ing at in­no­va­tive ways to im­prove on its per­for­mance.

While thank­ing the share­hold­ers for their com­men­da­tion, sug­ges­tions and sup­port, Jamodu as­sured them that the com­pany re­mained fo­cused on de­liv­er­ing longterm sus­tain­able value to its share­hold­ers in line with its phi­los­o­phy of ‘Win­ning with Nige­ria’.

The AGM was held with only a few share­hold­ers rep­re­sent­ing and act­ing as prox­ies for the ma­jor­ity of oth­ers, in com­pli­ance with gov­ern­ment’s re­stric­tions on pub­lic gath­er­ings due to the COVID-19 pan­demic.

L-R: Ay­oyinka Ogun­sanwo, head of in­no­va­tion; Ke­hinde Salami, man­ag­ing di­rec­tor/CEO; Simisola Salami; and Dayo Tin­uoye, gen­eral man­ager, man­u­fac­tur­ing, all of Troli In­ter­na­tional Lim­ited, dur­ing the launch of the com­pany’s new prod­uct, Pep­peretti Sauce, in La­gos, re­cently

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