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Nigerian Breweries Raises N15bn To Support Short-Term Funding

Nigerian Breweries Plc is seeking to raise up to N15 billion in the first and second series of its N100 billion commercial paper (CP) programme to support its short-term funding. The Series 1, which is for 90 days,has an effective yield of 11.59 per cent and will mature on July 22, 2019. On the other hand, the Series 2, which is for 182 days, has an effective yield of 14.43 per cent. It will mature on October 22, 2019. Both offers opened yesterday and they are expected to close on April 18.

Ironically, NB Plc is raising the N15 billion after its
board of directors of has recommended that 100 per cent of the N19.401
billion profit after tax (PAT) recorded for the year ended December 31,
2018 be paid out as dividend to shareholders.

The brewing
firm’s PAT fell by 41.2 per cent from N33 billion in 2017 to N19.4
billion in 2018. However, in its characteristics of paying all earnings
as dividend, the board has recommended that a total dividend of N2.43
per share for the year be paid.

The company recorded a revenue of
N324.4 billion, down marginally from N344.5 billion in 2017, while
exercise duty rose from N21.271 billion to N25.837 billion.

Cost
of sale reduced from N201 billion to N197 billion, bringing gross profit
to N126.9 billion compared with N143.5 billion the previous year.

Marketing
and distribution expenses rose from N66.863 billion to N70.052 billion,
while administrative expenses reduced from N21.748 billion to N20.785
billion. Similarly, Net finance cost fell to N7.529 billion compared
with N10.491 billion in 2017.

The company ended the year with
profit before tax of N29.4 billion, down 36.9 per cent from N46.6
billion in 2017 and PAT of N19.4 billion as against N33 billion the
previous year.

Based on the performance, the directors have
recommended to the Company’s Shareholders at the annual general
meeting(AGM) coming up on the 17th of May, 2019, the declaration of a
total dividend of N19.4 billion, that is, N2.43 per share representing a
hundred per cent dividend pay-out ratio.

The company had
earlier, in 2018, paid an interim dividend of N4.8 billion which
translated to N0.60k per share before the final dividend of N1.83 that
will be N14.6 billion.

In the statement signed by the Company
Secretary/Legal Director, Uaboi Agbebaku, NB Plc said the 2018 results
were adversely impacted by the increased excise duty rates that came
into effect during the year and a challenging operating environment.

Source:- Thisdaylive

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