…Recommends dividend of N3.58

By Steve Agbota and Chinwendu Obienyi

Despite the challenging operating environment, Nigerian Breweries (NB) Plc has disclosed that it recorded N314 billion revenue in 2016 as a result of its twin agenda of cost leadership and market leadership and has recommended dividend of N3.58 to its shareholders.

Speaking to journalists at a media briefing in Lagos Tuesday ahead its Annual General Meeting (AGM), its Managing Director Mr. Nicolaas Vervelde, said that despite the challenges the company faced in 2016, it recorded N314 billion revenue representing a 6.7 per cent growth.

“The operating environment in 2016 was very challenging, especially from an input cost, forex and purchasing power perspectives. Helped by its twin agenda of cost leadership and market leadership, supported by innovation, the company was able to end the year with a positive result.

Related News

“Despite the deterioration in consumer purchasing power, our robust brand portfolio, which covers a broad spectrum of consumer needs, enabled us to protect revenue and profitability resulting into the company generating N314 billion revenue in 2016 thereby representing a 6.7 per cent growth from the N293 billion recorded in 2015,” he explained.

He further said, “the Directors are pleased to recommend to shareholders at the forthcoming AGM, which holds on May 3, 2017, the declaration of a total dividend of N28,386,181,179, for approval. The total dividend amounts to N3.58 per ordinary share of 50 kobo each for the 2016 financial year.”

Vervelde thereafter predicted a challenging operating environment for 2017 and expressed confidence in the company’s position to adapt and commitment to delivering good returns on investment to shareholders.

“The operating environment in 2017 is expected to be similar to 2016, but the company is confident that it is well positioned to adapt to the operating environment as required, and stay committed to delivering a good return on investment to shareholders and we will continue to grow as we remain committed to be winning with Nigeria,” he noted.