NB Plc shareholders approve N22.69b dividend


Shareholders of Nigerian Breweries Plc have approved the payment of a total dividend of N22.69 billion for the financial year.

This translates to N3 per share against N2.40 paid in 2010.

At the company’s 66th annual general meeting in Lagos, the company’s chairman, Kola Jamodu advised shareholders to embrace the e-dividend payment option to eliminate the incidence of unclaimed dividend.

Jamodu said that the company’s stock of unclaimed dividend stood at N57.7 million at the end of 2011 from N41.4 million in 2010, an increase of 39.3 per cent.

He said that the company would continue to invest in human and capital assets to enhance its growth in the years ahead.

Mr Sunny Nwosu, the National Coordinator, Independent Shareholders Association of Nigeria (ISAN), commended the company for the improved results.

Nwosu said that the shareholders were expecting higher dividend from the company in the current financial year.

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He said that the company should consider a combination of bonus shares and dividend in future as the last time it issued bonus shares was in 2004.

Mr Nona Awoh, another shareholder, urged the company to extend its corporate social responsibility projects to Nigerian universities by investing in research and development initiatives.

Awoh said that the management of the company should intensify its marketing drive to increase its market share.

NB posted a turnover of N226.2 billion in the last financial year against N185.9 billion declared in 2010.

Its profit after tax rose from N30.3 billion in 2010 to N38.4 billion in 2011.

The company’s operating profit appreciated by 27 per cent to N57.2 billion from N45 billion in 2010.