Nigerian Breweries proposes 50 kobo interim dividend

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Nigerian Breweries proposes 50 kobo interim dividend
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The board of directors of Nigerian Breweries Plc has announced an interim dividend 50 kobo per share for the first quarter ended March 10, 2021.

In a public disclosure that was issued to The Nigerian Stock Exchange (NSE) Friday, the brewer stated that the proposed dividend would be subject to appropriate withholding tax. Shareholders are also expected to approve the dividend during the company’s 76th Annual General Meeting (AGM) that has been scheduled to hold on April 22nd.

The Company Secretary, Uaboi  Agbebaku in a notice to The NSE said that only shareholders whose names appear on the register of members by March 27th will receive payment. The register of members will become closed starting from March 11th till March 17th.

Agbebaku emphasized that the company’s shareholders should expect their money to be transferred to their bank accounts by April 23rd. This will be exactly one day after the dividend must have been approved during the company’s slated AGM. Once again, there is another provison that only shareholders who have completed their e-dividend registration will be qualified to receive payment.

Shareholders who have not completed their e-dividend registration are advised to download the Registrar’s E-Dividend mandate activation form, fill it, and submit same to the company registrar.

According to Agbebaku, explained that the company was already considering share option as final dividend.

“The election is required to be made on or before the 10th of April, 2021. The Reference Share Price for the purpose of determining the number of shares due to qualifying shareholders who elect for the share option will be a ten-day trading average of the Company’s share price on the floor of The Nigerian Stock Exchange, starting on the 11th of March, 2021”., he said.

Nigerian Breweries had earlier released its audited financial statement for the year ended December 31, 2020, which shows disappointing bottom-line figures. From a not too impressive net revenue of N337.046 billion in 2020 against N323.007 billion in 2019, representing 4.35 percent increase, the company gross profit printed lower at N118.690 billion from N131.250 billion in 2019.

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