Nigerian breweries pay full profit for 2021 as dividend – Official

Backed by Heineken Nigerian Breweries plc it seeks to use all of its after-tax profits for 2021 as a compensation package for shareholders, company secretary Uaboi Agbebaku said Thursday at a news conference announcing the corporation’s next annual general meeting. The brewer, by implication, will not take a long-term view in retaining profits in its operations, instead seizing the moment to seek shareholder rewards with its bottom line, which soared 72 percent to N12.7 billion. The board’s resolution comes more than a year later nigerian breweries The annual dividend hit a 15-year low as elevated inflation pressured its earnings for fiscal 2020. Now in its 76th year, Nigeria’s largest brewer is positioning itself to increase its focus on its premium brands, including Heineken and Tiger beers, a strategy that has boosted sales by as much as 29.7 percent to N437.2 thousand. million last year. “The strength of this business is the portfolio,” said Emmanuel Oriakhi, director of marketing at the event, which took place at the Radisson Blu Hotel in Lagos. “We’re really in the wallet business,” he said, emphasizing the broad value that each of the company’s product lines brings. If shareholders approve its final dividend as planned, the company’s total dividend for 2021 will be 70.2 percent higher than the previous year. Shareholders are free to convert the value of their dividends to their equivalent in shares. “The excise duty on non-alcoholic beverages has just been introduced and we aim to convey it in the most optimal way,” the brewer said in its 2022 outlook document seen by PREMIUM TIMES. “It’s also a pre-election year and pre-election spending is expected to translate into higher consumer spending.” This January, Netherlands-based Heineken Brouwerijen BV, which holds the largest stake in Nigerian Breweries, launched a mandatory takeover of rival Champions Breweries as required by regulation, having acquired a majority 84.7 per cent stake. Read More Related News Here Let here it in the comment below if you do have an opinion on this; Nigerian breweries pay full profit for 2021 as dividend – Official