Nigerian Breweries Plc has reported an increase in its net revenue for the year ended December 31, 2022, by N55.1 million, representing a 25.9% increase from the N43.7 million recorded in 2021.
This information was disclosed in their Annual Report and Accounts for the year ended December 31, 2022.
The financial statement disclosed that the net financial costs rose significantly from N17.77 billion in 2021 to N34.42 billion in 2022. The profit also increased by 7.7%, from N12.9 million to N13.9 million year-over-year.
The revenue growth was driven by pricing, but it was offset by higher input costs arising from increased inflation and higher energy costs, according to a statement from the directors.
The board has recommended a total dividend of Nl3,872,778.710, that is, 143 Kobo per ordinary share of 50 Kobo each, comprising an interim dividend of N3,288,362,361, that is, 40 Kobo per share, and a final dividend of Nl0,584,416,349, that is, 103) Kobo per share. The final dividend will be subject to deduction of withholding tax at the appropriate rate and will be payable on April 26, 2023, to shareholders whose names appear on the company’s register of members as of the close of business on March 16, 2023.
This is certainly good news for shareholders, who will be getting returns on their investments through dividends paid out despite the challenging economic environment faced this past year due to the COVID-19 pandemic that caused disruption across all sectors globally, leading many companies into losses instead of profits. But Nigerian Breweries Plc still managed to not only survive but also thrive during these times, indicating strong resilience and the ability to adapt quickly under any circumstance.