Nigerian Breweries posts N43.08bn profit after tax?

Nigerian Breweries Plc has announced a profit after tax of N43.08bn for full-year 2013. The figure represents a 13.2 per cent rise on the N38.043bn it posted in the preceding year.

The company’s full-year results for the period ended December 31, 2013 was posted on the website of the Nigerian Stock Exchange on Thursday.

The results showed that in the year under review, the company’s revenue was up by 6.31 per cent as it rose from N252.674bn in 2012 to N268.614bn in 2013.

Also, Nigerian Breweries recorded a rise in its profit before tax. According to the company, its profit before tax rose by 11.9 per cent from N55.624bn to N62.240bn.

Following the appreciation witnessed in its bottom line, the board of the company recommended a dividend of N4.50 per ordinary share of 50 kobo each, representing a 3.10 per cent yield on its closing price on Thursday.

On the dividend recommendation, the results read in part, “The directors are pleased to recommend to shareholders at the forthcoming Annual General Meeting, the declaration of a total (final) dividend of N34.032bn, that is N4.50 per ordinary share of fifty kobo each.”

Should the shareholders approve the dividend payment, the company said it would be subject to the deduction of withholding tax.

“If the proposed final dividend is approved, it will be subject to a deduction of withholding tax at the appropriate rate and the dividend will be payable on May 15, 2014 to all shareholders whose names appear on the company’s register of members at the close of business on March 5, 2014,” it said.

The company’s results were, however, not enough to prevent its stocks from declining with many others on Thursday.

At the close of trading, Nigerian Breweries’ shares were down by three per cent from an opening of N150 to close at N145.50 per share.