Nigeria Update: NB to pay N4.8 billion interim dividend
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The directors of Nigerian Breweries (NB) Plc, have recommended an interim dividend of N4.8b translating to 60 kobo per ordinary share of 50 kobo for the period ended September 30, 2018.
According to a statement from the firm, the interim dividend, which is subject to the deduction of withholding tax, is payable on Monday, December 10, 2018 to all shareholders registered in the books of the Company at close of business on Thursday, November 22, 2018.
For the nine months ended September 30, 2018, the company recorded a profit after tax of N14.7 billion, while results from operating activities stood at N27.7 billion during the same period.
Further breakdown of the firm’s unaudited and provisional results showed that profit after tax dipped by 38.4 per cent from the N23.9 billion recorded in the corresponding period, while results from operating activities dropped by 34.4 per cent from the N42.3 billion recorded in the same period last year.
Profit before tax also dipped by 34.7 per cent from N34.4 billion recorded in 2017 to N22.4 billion in the period under review.
The Company Secretary/Legal Adviser, Uaboi Agbebaku, explained that the new excise duty regime, which came into effect in June, and the consequent effect of it, adversely impacted the third quarter results.”
He added that the company also undertook a rightsizing exercise, which resulted in a substantial one- off cost during the quarter.
The company had recorded a slight decrease in revenue of ₦95.2 billion for the period ended June 2018 compared to ₦95.4 billion achieved in the corresponding period in 2017.
Profit before tax during the period was ₦12.30 billion for the period ended June 2018, a 26 per cent decrease compared to profit of ₦16.62 billion reported for the period ended June 2017.
The company’s profit after tax for the half year ended 30th June 2018 was ₦8.23 billion, a 33 per cent decrease compared to profit of ₦12.32 billion recorded in H1 2017.
Its also earnings per share of 103 kobo for the period ended June 2018 as against earnings of 154 kobo reported for the comparative period in 2017.
