NBL to pay N$320 million in dividends

The Namibia Breweries Limited, a Heineken subsidiary has announced it will pay shareholders dividends of N$320 million by 17 May 2024.

Presenting the company's six-month financial result which ended in December 2023 on Thursday, NBL's finance director Waldemar von Lieres said this marks the first ordinary dividend declared since the start of the transaction and is in line with Heineken's policy.

NBL managing director, Peter Simons said despite a decline in sales by 13.7% due to challenging economic conditions, NBL's net revenue increased by 15% to N$2.1 billion, noting this is due to the successful integration of the Distell portfolio which performed well year-on-year and a price increase to cover inflation.

He noted that NBL placed a significant focus on cash management over the last six months, as a result, net cash flow from operating activities increased to N$482 million from N$199 million the previous year. “In the challenging economic and consumer landscape, we will further leverage the expanded portfolio for growth and optimising the combined supply chain for efficiency and compliance,” he said.

Simons said having laid the groundwork through the integration, NBL is now poised to take the next steps in supporting its longterm sustainability as a proudly Namibian company and be a vital part of Heineken Beverages to create a regional beverage champion for Southern Africa.

“As a proudly Namibian business that is vested in growing the country's economy for the past 103 years, NBL's first half financial results show it is geared towards evolving as a future-fit business during tough economic times,” he noted.