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Covid-19 Recovery - NB's Revenue Up 32.1 Percent, Declares N3.23bn Dividend

11/02/2021 | 04:06am

Amidst coranavirous recovery in the country, the Nigerian Breweries, NB Plc, has recorded N309.22 billion in revenues for the third quarter of 2021, Q3'21, representing an increase of 32.1 per cent from N234.02billion recorded in the corresponding period in 2020, Q3'20, just as it declared an interim dividend of N3.23 billion.

According to the audited result sent to the Nigerian Exchange Limited, NGX , the Company's profit grew to 8.47billion, from N7.1billion representing a 20.1 per cent rise.

Other financial indicators show that cost of sales rose significantly by 37.9 per cent toN198.74billion in the period under review in 2021 from N144.1 billion in 2020 while marketing, distribution, and administration expenses also grew by 27,2 per cent to N86.32 billion in 2021 from N67.86 billion in 2020.

The board of directors of the Company has approved an interim dividend of N3.23billion payable to shareholders at 40kobo each per ordinary share.

A statement signed by the Company Secretary/Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku stated that: The Company remains committed to its strategy to deliver improved growth as it continues to monitor the business environment and remain dynamic in its response to challenges confronting the business as well as that of the economy, particularly in the face of COVID-19 pandemic."

Agbebaku explained that the company would continue to deploy cost-efficient measures to keep the balance sheet strong and healthy while ensuring that the health, safety and welfare of its employees, customers and partners are protected.

Copyright Vanguard. Distributed by AllAfrica Global Media (, source News Service English

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