The Board of Directors of Nigerian Breweries Plc has released the Company’s results for the nine-month period ended September 30, 2020, with shareholders set to receive an interim dividend of N1.9 billion with a payout of 25k per ordinary share.
According to the unaudited and provisional results filed at The Nigerian Stock Exchange, the Company made a Profit after Tax of N7.05 billion during the period.
A breakdown analysis of the published results shows a 0.7% decline in net revenue from N235.7 billion in September 2019 to N234 billion this year.
This marginal decline can be attributed to factors such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5% to 7.5% and most importantly, the impact of the COVID-19 on most businesses across the world.
According to a statement signed by the Company Secretary/Legal Director, Nigerian Breweries Plc, 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.
He noted that the interim dividend is payable on Tuesday, December 1, 2020, to all shareholders registered in the books of the company as of Friday, November 20, 2020.