Foremost brewer, Nigerian Breweries Plc, has released its financial performance for the year ended 31st December 2022, reporting a 26 per cent increase in revenue to N550.48 billion as against N437.2 billion recorded in the corresponding period in 2021.
Also, profit after tax for the period under review rose by eight per cent, moving from N12.93 billion in 2021 to N13.93 billion in 2022.
A filing with the Nigerian Stock Exchange signed by the Company Secretary/Legal Director, Uaboi Agbebaku, showed that inflation, devaluation of the naira and high energy prices led to a 33 per cent increase in marketing, distribution, and administration expenses (which moved from N123.13bn in 2021 to N163.60bn in 2022) and a 22 per cent increase in cost of sales (from N276.87 bn in 2021 to N337.31 bn).
The board has recommended the payment of a total dividend of N13.87bn (N1.43k per ordinary share of 50k each) to its shareholders.
It stated that the company had earlier paid an interim dividend of N3.29bn in October 2022, which translated to 40k per share.
The payment of the final proposed dividend of N10.584bn at N1.03k per share would be paid after its next annual general meeting.
