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NB Plc announces Q3, 2018 profit, interim dividend

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The Board of Directors of Nigerian Breweries Plc has approved an interim dividend of N4,798,141, 231, that is 60 kobo per ordinary share of 50 kobo in the share capital of the Company, for the period ended September 30, 2018.

The interim dividend, which is subject to the deduction of withholding tax, is payable on December 10, 2018 to all shareholders registered in the books of the Company at close of business on November 22, 2018.
The company, according to a statement on Friday, recorded a Profit After Tax of N14.7 billion for the nine months ended September 30, 2018, while results from Operating Activities stood at N27.7 billion over the same period.

An analysis of the unaudited and provisional results showed that Profit after Tax dipped by 38.4 per cent from the N23.9 billion recorded over the same period in the preceding year, while results from Operating Activities dropped by 34.4 per cent from the N42.3 billion recorded in the same period last year.

Profit before Tax also dipped by 34.7 per cent from N34.4 billion recorded in 2017 to N22.4 billion in the period under review.
Commenting on the results, the Company Secretary/Legal Adviser, 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.”

Agbebaku added that the Company also undertook a rightsizing exercise, which resulted in a substantial one-off cost during the quarter.

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