Nigerian Breweries records N12.7bn profit year end

The operating environment for many businesses across the country was unpleasant but thankfully Nigerian Breweries Plc recorded some milestones in the intervening period.

The Brewery giant grew profit by over 72 per cent to N12.7 billion and hopes to pay shareholders a total dividend of N12.92 billion for the financial year ended December 31, 2021. This represents N1.60 per ordinary share of 50 kobo each. The total dividend consisted of an interim dividend N3.230 billion, that is 40 kobo per share which had earlier been paid and final dividend of N9.690 billion, dividend of N9.690 billion representing N1.20 per share.

The Chief Executive Officer, NB Plc, Hans Essaadi, said despite the challenging operating environment, the company remained dynamic with its processes and was able to remain resilient and grow from strength to strength.

“The deteriorating forex situation has led to foreign Suppliers running out of patience with their Nigerian partners, mostly manufacturers who are finding it difficult to settle their rising foreign payables.  Our outstanding foreign payables rose by 76 per cent in 2021 and due to lack of FX, the task of procuring input materials has been arduous and this hampered the completion of our capacity extension plan,” regretted the CEO.