The Board of Directors of Nigerian Breweries Plc has announced results for the nine months ended September 30, 2017 with its revenue hitting N254.7 billion.
Details of the result sent to Nigerian Stock Exchange, show that the Board of the Company also declared an interim dividend of N7,996,902,051 (Seven billion, nine hundred and ninety six million, nine hundred and two thousand and fifty one naira only), which is, N1.00 (one naira only) per ordinary share of fifty kobo in the share capital of the company.
An analysis of the unaudited and provisional result shows that results from operating activities grew from N37.9 billion to N42.3 billion, with Profit Before Tax rising from N27.8 billion to N34.4 billion, while Profit After Tax grew improved to close at N23.9 billion from the N20.1 billion posted in the same period in 2016.
While commenting on the results, the Company Secretary/Legal Adviser, Nigerian Breweries Plc, Mr. Uaboi Agbebaku, said “despite the continued challenging business environment, revenue in the first nine months of the year grew compared to the corresponding period in 2016”.
He added that as a result of the Company’s continued focus on internal efficiencies under its Cost Leadership programme, results from operating activities improved, which combined with lower Net Finance Charges resulted in increased profitability in the period.
The Board maintained that whilst the operating environment for the remainder of the year was expected to remain challenging, it is confident that, barring unforeseen circumstances, the Company was well placed to deliver a good return on investment to shareholders.