By G9ija

Nigerian Breweries Plc said it recorded a turnover of N337.01bn in revenue in its audited financial statement for the year ended 31 December 2020.

In a statement on Monday titled ‘Nigerian Breweries Plc posts N337bn revenue in 2020 financial year’, signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the company said it recorded N7.52bn profit after tax.

This result represented an increase of 4.3 per cent compared to N323bn recorded during the corresponding period in 2019, it stated.

The board of directors commended the company’s management for its efforts in mitigating the impact of the COVID-19 pandemic on the business.

It stated that the board would recommend a total dividend of N7.52bn at 50k per share representing a hundred per cent dividend payout ratio at the forthcoming annual general meeting.

The statement recalled that the company had in 2020 paid an interim dividend of N1.99bn which translated to N0.25k per share.

The final proposed dividend of N5.52bn at N0.69k per share would be payable to shareholders upon approval on 23 April 2021, it stated.

The statement noted that only qualifying shareholders whose names appeared on the company’s register of members at the close of business on 10 March 2021 would be paid the final dividend.

Directors would also be recommending to shareholders for their approval at the upcoming annual general meeting, a right of election for qualifying shareholders to receive new ordinary shares in the company as against the final dividend in cash.

Despite the negative impact on its operations, it stated that it made various donations in cash and kind valued at about N531m out of a phased commitment of N600m to the federal and seven state governments’ COVID-19 task forces relief funds.