Nigeria: Shareholders of Nigerian Breweries Plc meet the 2005 company’s results
Shareholders of Nigerian Breweries Plc have commended the company’s management for the excellent result achieved during the 2005 financial year. The shareholders who spoke at the company’s 60th Annual General Meeting held in Lagos on Wednesday May 3 said the 62 per cent increase in Profit After Tax recorded by the company is commendable given the harsh operating environment in the country, the NB Corporate Communications Dept. released on May 11.
Mr.Sunny Nwosu, National coordinator of the Independent Shareholders Association (ISAN) said the robust growth of the company was an indication of the company’s ability to give shareholders value for their investment. In his own contributions, Chief Akintunde Asalu, President, Nigerian Shareholders Association ( NSA ) said the performance of the company under a harsh operating environment was an indication of the potentials inherent in the company “We as shareholders are satisfied with Nigerian Breweries performance indicators,especially with turnover,after tax profit and dividend pay out”he said.
The company recorded N8.3 billion Profit After Tax from an operating profit of N15.4 billion for the year ended 31st December 2005.This shows a 62 per cent increase from N5.09 billion profit after tax recorded in 2004.The company’s turnover also shot up from N73.5 billion in 2004 to N80.23 billion in 2005 showing an increase of 9 per cent.
Given this result, a final dividend of N6, 050 billion that is 80 kobo per share was approved for shareholders at the AGM. This means a total dividend of N7.9 billion, that is 105 kobo per share having paid an interim dividend of N1.8billion, that is, 25 kobo per share in December 2005. This represents an improvement of 163 per cent over the amount of 40 kobo per share paid in 2004.
The result is outstanding when viewed against the performance of the total brewed market in Nigeria, which declined by 5 per cent in 2005. Mr. Felix Ohiwerei, Chairman, Nigerian Breweries Plc said the company is committed to its resolve to maintain her leadership of the beverage market through innovations and the fine tuning of internal processes to ensure cost efficiency and increased productivity.
Torna
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