NB declares interim dividend of N7.93bn for third quarter 2016

The Board of Directors of the Nigerian Breweries Plc has announced an interim dividend of N7.93 billion, translating to N1 per share for the nine months ended Sept. 30, 2016.
This is contained in a statement by the company’s Secretary/Legal Adviser, Mr Uaboi Agbebaku on Thursday in Lagos.
The statement said that the interim dividend was declared in spite of the marginal decline in the company’s profit for the period occasioned by the current challenging environment.
The statement showed that the company’s revenue during the period under review rose to N222.72 billion from N214. 918 billion in the comparative period of 2015.
It said that the company’s operating profit stood at N37.96 billion against N42.77 billion posted in the preceding period of 2015, a decrease of 11 per cent.
The statement attributed the 11 per cent decline to higher input costs as a result of rising inflation and devaluation of the Naira.
It explained that the negative impact of scarcity of foreign exchange and Naira devaluation resulted in a 94 per cent increase in the company’s net finance costs.
The company’s profit after tax dropped to N20.10 billion in contrast with N26.18 billion recorded in 2015, indicating a decrease of 23 per cent, according to the statement.
It added that the macro-economic environment deteriorated further in the third quarter compared to the first half with continuous down-trading by consumers.
“Although, the operating environment is expected to remain challenging for the rest of the year, the company pledged to “continue to focus on our twin agenda of cost and market leadership supported by innovation”, said the statement.
It added that the company was well positioned to take advantage of any upswing in the market.