The board of Directors of Nigerian Breweries (NB) Plc has approved the payment of N4.8 billion as interim cash dividend to shareholders for the third quarter.
Shareholders will receive an interim dividend per share of 60 kobo, a drop of 40 kobo from the N1 paid for the same period in 2017.
The current interim dividend will become payable on Monday, December 10, 2018 to all shareholders in the book of the company at close of business on Thursday, November 22, 2018.
Key extracts of the interim report and accounts of Nigerian Breweries for the period ended September 30, 2018 showed that profit after tax dropped by 38.4 per cent N14.7 billion in third quarter 2018 as against N23.9 billion in comparable period of 2017. Operating profit had dropped by 34.4 per cent from N42.3 billion to N27.7 billion. Profit before tax also dropped by 34.7 per cent from N34.4 billion to N22.4 billion. Group turnover had dropped from N254.67 billion in third quarter 2017 to N238.07 billion in third quarter 2018. Earnings per share dropped from N3 in third quarter 2017 to N1.85 in third quarter 2018.
Company Secretary and Legal Adviser, Nigerian Breweries Plc, Mr. Uaboi Agbebaku said the new excise duty regime which came into effect in June and the consequent effect of it, adversely impacted the third quarter results.
He added that the company also undertook a rightsizing exercise which resulted in a substantial one-off cost during the quarter.