WorldStage Newsonline– Nigerian Breweries Plc has described its recommendation of a 100% pay-out of its N33 billion Profit After Tax (PAT) for the 2017 financial year as dividend, as a reflection of its strong balance sheet and overall health of the company
It was the third consecutive year a 100% pay-out policy would be adopted.
The dividend, as increase over the N28 billion paid last year amounted to N4.13 per ordinary share of 50 kobo each.
Managing Director of the Company, Mr. Jordi Borrut Bel was quoted in a statement as saying that the N345 billion revenue which resulted in a N33 billion Profit After Tax (PAT) for the 2017 financial year was as a result of the “continuous focus on cost leadership.”
He disclosed that the cost leadership initiatives which encompass cost optimisation, revenue management and consumer value re-engineering, yielded savings which positively impacted on the company’s financials.
The company’s audited results showed that PAT grew by 16 percent from the N28.4 billion achieved in 2016, and a 10 percent growth in turnover in 2017 from N314 billion in the preceding period.
Borrut Bel said the company remained confident of its clear strategy to deliver good returns on investment to shareholders as part of its commitment to “Winning with Nigeria.”
“When all factors are considered, our results have been positive and creditable over the years. Despite the deterioration in consumer purchasing power, our robust brand portfolio which covers a broad spectrum of consumer needs enabled us to protect revenue and profitability,” he said.
