Shareholders of Nigerian Breweries Plc, Nigeria’s
foremost brewer, have applauded the company for recording an impressive
financial result for 2015.
According
to the shareholders who spoke at the 70thAnnual General Meeting, AGM,
of the company held in Lagos on Wednesday, the company’s performance in spite
of the very challenging operating environment, stood out as a shining example
for other manufacturers to emulate.
Mr.
Bello Owonikoko, Chairman, Ibadan Zone of the Shareholders Solidarity
Association stated that the 2016 results and the dividend pay-out are strong
signals of the resilience of the company in the face of the challenges of the
economy.
The
same sentiment was re-echoed by Chibuzor Eke-Emmanuel, who expressed confidence
that the company remains in good stead to weather the storm and deliver good
returns to shareholders in the future.
The
2015 audited results showed that the Company’s shareholders earned a total
dividend of N38.059 billion, translating into N4.80 (Four Naira Eighty Kobo)
per unit of the company’s ordinary share of fifty kobo each for the 2015
financial year. This is the highest dividend ever paid by the company in its
70-year history.
Addressing
the Shareholders, Chief Kola Jamodu, Chairman, Board of Directors, said the
board had October 2015 paid an interim dividend of N9.5billion, representing
N1.20 per ordinary share of fifty kobo each. He stated that the policy of
dividend pay-out is in the strategic interest of the shareholders.
According to him,
the proposed final dividend will be subject to deduction of withholding tax at
the appropriate rate and will be payable on the 12th of May, 2016,
to all shareholders whose names appear on the Company’s Register of Members at
the close of business on the 2nd of March, 2016.
“We remain
committed to Winning with Nigeria. Thus we will sustain the investment in our
operations, systems, brands and of course people. Cost leadership and market
leadership supported by innovations remain our key strategic pillars,” Jamodu
said.
Nigerian
Breweries is the second most capitalized company on the Nigerian Stock Exchange
(NSE). The company paid out a total dividend of N37 billion (N4.75 kobo per ordinary
share of 50 kobo each) for the financial year ended December 31, 2014.
Not
a few analysts agree that Nigerian Breweries Plc has consistently added value
to shareholders investments with its dividend payouts. It would be recalled
that for the 2013 financial year, the company’s board had recommended the
payment of a total dividend of N34.032 billion, translating into N4.50 (four
naira fifty kobo) per ordinary share of fifty kobo each.
According to the
2015 corporate rating report by Augusto and co; Nigerian Breweries possesses
very strong financial condition and very strong capacity to meet local currency
obligations as and when they fall due. The rating, Augusto maintained,
is underlined by the company’s dominant position in
the industry; highly experienced and stable Board of Directors; and competent
management team.
The rating is also supported by NB’s strong financial
condition which is validated by good profitability, low leverage, good cash
flow and adequate working capital.
Tags
Business