Nigerian Breweries Plc has announced a profit after tax of N19.4 billion and revenue of N324.4 billion for the 2018 financial year, the brewer said in a statement in Lagos.

The Profit after Tax was lower than the N31.6 billion recorded in 201, representing a 41 per cent decline, while revenue also dipped six per cent from the N344.5 billion recorded in 2017.

According to the audited financial results released to the Nigerian Stock Exchange (NSE), the company’s directors are recommending a total dividend of N19.4 billion, culminating to N2.43 kobo per share representing 100 per cent dividend pay-out ratio.

Nigerian Breweries had earlier, in 2018, paid an interim dividend of N4.8 billion, which translated to N0.60 kobo per share; thus, the final dividend will be N14.6 billion, that is, N1.83 kobo per share.

If the proposed final dividend is approved, this will become payable on May 20th, to all shareholders whose names appear on the company’s register of members at the close of business on the 6th of March, 2019.

In the statement signed by the company Secretary/Legal Director, Uaboi Agbebaku, the 2018 Profit after Tax was lower than the N31.6 billion recorded in 2017 representing a forty one per cent decline, while the Revenue also dipped from the N344.5 billion recorded in 2017, a six percent decline.

The statement added that the 2018 Results were adversely impacted by the increased excise duty rates that came into effect during the year and a challenging operating environment.