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Nigerian Breweries to issue bonus shares to it’s shareholders

by Radarr Africa
written by Radarr Africa

Heineken-backed Nigerian Breweries PLC will issue one new extra share to its shareholders for every four held by them, according to a regulatory filing seen by PREMIUM TIMES, its first bonus issue in more than 18 years.

The resolution followed a meeting of the board of directors held on 15 November and was informed by a directive from the Corporate Affairs Commission for firms to obliterate unissued shares from their books.
Nigeria’s biggest beer maker last executed a scrip issue in June 2004 when it issued one additional share for every share held by shareholders, increasing their holdings twofold. The new proposal will up stockholders stake by 25 per cent.

“The bonus shares with a value of N1.03 billion, will be issued from the Company’s Share Premium Account, which based on the 2021 audited accounts had a balance of N77.5 billion and N84 billion as at 31st October, 2022,” Nigerian Breweries said.

It will take full effect if the move receives shareholders’ asset at an extraordinary general meeting of the firm to be held on 8 December.

Those who own the company’s shares and whose names appear on the register of members will be eligible for the bonus shares.

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Currently at 8.2 billion units, Nigerian Breweries outstanding shares will rise to 10.3 billion units when the bonus issue is completed.

Heineken Brouwerijen B.V, the brewer’s biggest shareholder, holds a 38.1 per cent stake in the company according to its audited earnings report for 2021.

Nigerian Breweries reported an after-tax profit of N15.3 billion for the year to September 2022, higher than its profits for full year 2021 and 2019. It announced a N0.40 per share dividend summing up to N3.3 billion as interim dividend for the period ended September 2022.

SOURCE: Premium times

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AfricaBusinessNigeriaWestern Africa

NB Declares N19.08bn Net Profit For H1

by Radarr Africa
written by Radarr Africa

Nigerian Breweries Plc (NB) has recorded a profit after tax of N19.08 billion for the first half (H1) financial year ended on June 30, 2022.

According to the unaudited report and provisional results filed with the Nigerian Exchange Limited, the company posted profit after tax for the six-month period under review rose by 142.8 per cent, from N7.86 billion to N19.08 billion. Similarly, basic earnings per share in H1, 2022 was N2.37 as against 97 kobo that was recorded in H1 last year.

The results also revealed a 31 per cent growth in revenue compared to the N209.22 billion recorded in the corresponding period in 2021.

In a statement signed by the company secretary/legal director, Uaboi Agbebaku, said the company’s increase in profit was driven mainly by top line growth resulting from its pricing strategy and better mix.

Further analysis of the results revealed that the cost of sales increased by 18.3 per cent, from N131.34 billion in H1, 2021 to N155.35 billion in 2022 in the same corresponding period. Marketing, distribution, and administrative expenses also rose by 44.6 per cent, from N58.42 billion in H1, 2021 to N84.45 billion in H1, 2022, driven by the increase in commercial activities post-COVID, rising diesel prices and higher wages arising from collective labour agreements.

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Uaboi also noted that although interest expenses were lower, the net finance cost was higher due to foreign exchange losses arising from a higher cost of meeting foreign obligations to overseas partners.

The company assured that, it would continuously evaluate its financial position and business performance to ensure a strong balance sheet, while remaining dynamic in its response to operational challenges vis-à-vis the economy, adding that “in line with its certification and status as a Great Place to Work company, it would also continue to prioritise the health, safety, and welfare of its employees and partners.”

Source: Leadership

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