Prospective and existing shareholders of Nigerian Breweries Plc may be in for a better financial year, as the company was able to commence the 2017 financial year on a positive note. The company first quarter result for the period ended March 31, 2017 shows that there was improvement both at the top and bottom line of the brewer unaudited financial statement.
For instance revenue for the period under consideration went up by 17.7 percent to N91.289 billion which is above N77.555 billion that was recorded same period in 2016. Profit before tax grew by 16.2 percent, to N17.439 billion in 2017, above N15.008 billion that was posted in 2016.
Profit after tax was up marginally by 9.5 percent to N11.449 billion which is above N10.455 billion that was reported same period in 2016. Cost of sales was up by 26.0 percent. The first quarter financial is coming ahead of the company Annual General Meeting (AGM) slated for May 3, 2017 in Lagos.
Shareholders are expected to approve the payment of a final dividend of N20,457,080,291 (twenty billion, four hundred and fifty seven million, eighty thousand and two hundred and ninety one naira only) that is, N2.58 (two naira, fifty eight kobo) per share.
If approved, the dividend recommended will be paid less deduction of withholding tax at the appropriate rate on the May 4th, 2017 to all investors whose names are recorded in the company’s register of members at the close of business on Wednesday, March 8th, 2017.
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