By Monalisa Agbata
Shareholders of the Nigerian Breweries PLC are set to receive an interim cash dividend of N1.9 billion with a 25 kobo payout per ordinary share. This is stated in a result published by the Board of Directors for a period of 9 months ending on September 30, 2020. As stated in an unaudited and provisional results filed at The Nigerian Stock Exchange, Profit made after Tax within the nine months was N7.05 billion.
The published results’ analysis shows a 0.7 percent decline in net revenue from N235.7 billion to N234 billion in 2020. Some factors likely responsible for this marginal decrease include the COVID-19 pandemic, rising inflation, increase in Excise Duty, and an increase in Value Added Tax (VAT) from 5% to 7.5%.
According to a statement signed by the Company Secretary/Legal Director, Mr. Uaboi Agbebaku, ”The company will continue to focus on efforts to mitigate the impact of the pandemic on its operations while protecting the health, safety, and welfare of employees, customers, and partners.”
Futhermore, the statement noted that the interim dividend will become payable to shareholders registered in the books of the company as at Friday, November 20, 2020 on Tuesday, December 1, 2020.