The board of directors of Nigerian Breweries Plc has announced the resignation of its Managing Director Mr Nicolaas Vervelde, as he will complete his assignment with the company on June 16, 2017, to take up a new role within the Heineken Group outside Nigeria. Mr Vervelde submitted his resignation letter on Wednesday May 3, 2017 at the board meeting, which also coincides with the giant brewer 71st Annual General Meeting (AGM) in Lagos.
The board of Nigerian Breweries noted in a statement to the Nigerian Stock Exchange (NSE) on Thursday that they have immediately commenced the process of identifying a replacement for Mr Vervelde, which will be announced in due course. Although the AGM meeting which started at 10.AM and ended around few minutes past 2.PM, was storming as the board didn’t find it easy to get shareholders endorsement of one of the special business that was put forward. Which have to do with the increase in share capital from four billion to five billion naira.
Meanwhile, shareholders has approved the payment of N2.58 kobo final dividend amounting to twenty billion, four hundred and fifty seven million, eighty thousand and two hundred and ninety one naira only (N20,457,080,291) for the financial year ended December 31, 2016. The dividend will be paid less deduction of withholding tax at the appropriate rate on 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.
However, 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.