Nigerian Breweries has 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, down by 9.57 percent.
About 52.09 percent increase net finance cost of N18.02billion weighed on the company’s profit before tax (PBT) which decreased to N11.576 billion in 2020 from 2019 high of N23.351billion, down by 50.43percent.
Profit after tax (PAT) of N7.368 billion in 2020 against N16.105billion in 2019, represents a decline of 54.25 percent. Shareholders’ Fund decreased to N161.179billion from N167.749billion in 2019, down by 3.92percent. Earnings Per Share (EPS) decreased to 92 kobo in 2020 from N2.01 in 2019, down by 54.23percent.
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Though the brewer proposes 69 kobo final dividend per share for the year 2020, it represents a decline of 54.30 percent when compared with N1.51 final dividend the company paid in 2019.
The final dividend of 69 kobo per ordinary share of 50 kobo each, subject to the deduction of the appropriate withholding tax and approval at the Annual General Meeting (AGM) of the Company slated for April 22, 2021, will be paid to the shareholders whose names appear in the Register of Members as at the close of business on March 10, 2021.
At the Current Price N59 per share the company’s shares traded on the Nigerian Stock Exchange (NSE) as of Friday, February 19, it nears its 52 weeks high of N63.25 and a 52 weeks low of N22.
