19 February 2018

Nigeria: Nb Beats Forte Oil, Others to Early Release of 2017 Financials

Despite its huge operations, Nigerian Breweries, NB Plc has beaten all quoted companies by coming out first with the full year ended December 31, 2017 financial statement.

With this performance, NB has upstaged companies like Forte Oil Plc and the tier-1 banks that are known for timely submission of their results ahead of the statutory deadline of March 31st for submission of annual results.

Analysis of the result released, weekend, on the floor of the Exchange showed that the company posted N33 billion Profit After Tax, PAT, which represents 16 percent increase compared to N28 billion recorded in the preceding year.

The company's revenue for the review period was up 10 percent to N334 billion from N313 billion in 2016.

Consequently, the Board of Directors have recommended a dividend payment of N33 billion, amounting to N4.14 per share dividend to its shareholders. The recommended dividend is inclusive of interim dividend of N8 billion, which is N1.00 per share earlier paid by the company in November 2017.

The company's Secretary/Legal Adviser, Mr. Uaboi Agbebaku, said in a statement that "while the foreign exchange situation improved in the course of the year, double digit inflation continued to impact both businesses and consumers. Nevertheless, the company was able to end the year with improved results through continuous focus and execution of the twin agenda of cost leadership and market leadership supported by innovation".

Agbebaku maintained that while there are some early signs of improvement in the macro-economic condition, it is yet to be reflected in consumer confidence, adding that the Board is confident that the company has a clear strategy to deliver good return on investment to shareholders as part of its commitment to winning with Nigeria.

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