Nigerian Breweries’ Shareholders laud Board for 100% Dividend Pay-outs

Business News

SHAREHOLDERS of Nigerian Breweries Plc have lauded its 2017 financial performance and approved the N33 billion dividend pay-outs proposed by the Board.

From Left to Right: Mr. Jordi Borrut Bel, Managing Director/Chief Executive Officer; Chief Kola Jamodu, Chairman and Mr. Uaboi Agbebaku, Company Secretary/Legal Adviser, all of Nigerian Breweries Plc during the 72nd Annual General Meeting of the Company in Lagos.

A cross –section of the shareholders who spoke during the 72nd Annual General Meeting of the company held in Lagos,  said that the company’s performance in spite of the very challenging operating environment stood it out as a shining example for other corporate organisations to emulate.

One of the shareholders, Mr. Gbadebo Adetokunbo congratulated the company for good showing in 2017 and for “doing the needful” to the shareholders.

Another shareholder, Mr. Patrick Ajuwah, also lauded the company for having improved its gross earnings and the bottom line. Mr. Shotunde Shopeju, another shareholder, congratulated the company for remaining strong even in the midst of economic challenges.

Applause also came from Theophilus Adegboye an eighty five year old shareholder from Oshogbo, Osun State. He expressed gratitude to the Board for improving the fortunes of shareholders.

 Response from Chairman

In his response, Chief Kola Jamodu, Chairman of the Company explained that the 100% dividend pay-outs were a reflection of the strong balance sheet and overall health of the company.

He added that the N33 billion dividend pay-outs is a considerable increase over the N28 billion paid last year. In the course of the year, the Company had earlier paid an interim dividend of N7.97 billion in November 2017, which amounted to N1.00 per share.

Jamodu maintained that the operating environment in 2017 was very challenging especially from an input cost, FOREX and purchasing power perspectives.

The dividend pay-out which translates to a total dividend of N4.13 per ordinary share of 50 kobo each is a 100% pay-out, and makes it the third year in a row that the company is delivering such to its shareholders.

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