Nigerian Breweries Records ₦437bn Revenue In 2021

Nigerian Breweries Plc reported ₦437.196 billion in revenue in its audited financial statement for the fiscal year ended December 31, 2021.

This represents a 29.7 per cent increase over the ₦337.006 billion recorded during the same period in 2020.

According to a breakdown of the audited results released on the Nigerian Exchange (NGX) over the weekend, the company’s profit for the period under review increased by 71.8 per cent, rising from ₦7.525 billion in 2020 to ₦12.927 billion in 2021, while earnings per share increased by 70.7 per cent, rising from 92 kobo to ₦1.57.

The cost of sales increased by 26.8 per cent from ₦218.355 billion to ₦276.872 billion, while gross profit increased by 35.2% from ₦118.691 billion to ₦160.413 billion.

The company secretary/legal director, Uaboi Agbebaku, said in a statement, “the board of directors commended the management for putting the company on the path to recovery from the debilitating impact of the COVID-19 pandemic and other challenges faced during the year

At the upcoming Annual General Meeting (AGM), the board will recommend to shareholders the declaration of a total dividend of ₦12.921 billion, representing a 100% dividend payout ratio”.

Remember that the company paid an interim dividend of ₦3.230 billion in October 2021, which translated to 40 kobo per share. The final proposed dividend of ₦9.69 billion, or ₦1.20 per share, will be paid to shareholders on April 25, 2022, if approved.

Agbebaku stated that the company is still committed to delivering improved performance in the coming years. It would also continue to use cost-effective measures to keep its balance sheet strong and healthy while ensuring the safety and well-being of its employees, customers, and partners.

Recall that, Nigerian Breweries Plc’s board of directors has announced the appointment of Hans Essaadi as the company’s new managing director, effective July 31, 2021.

Jordi Borrut Bel, the new MD/CEO, has completed his assignment in Nigeria and has been appointed MD/CEO of Heineken South Africa.

The board expressed their gratitude to Bel who successfully improved the company’s status as the market leader in a difficult operating climate, according to a release, and also guided the company through a turbulent time caused by the negative effects of the COVID-19 pandemic in Nigeria.