Nigerian Breweries attributes drop in profit to increased excise duty rates

The Nigerian Breweries Plc on Monday attributed 41 per cent drop posted in profit after tax for the financial year ended Dec. 31, 2018 to increased excise duty rates.

Mr Uaboi Agbebaku, NB Company Secretary/ Legal Director, said in a statement in Lagos on Monday that increased excise duty that came into effect during the year under review adversely affected its audited result.

“The 2018 results were adversely impacted by the increased excise duty rates that came into effect during the year and a challenging operating environment,” agbebaku said.

He said that the company during the period under review posted profit after tax of N19.4 billion against N31.6 billion achieved in the corresponding period, a decrease of 41 per cent.

According to him, the revenue also dipped by six per cent to N324.4 billion from the N344.5 billion recorded in 2017.

Agbebaku said that the company recommended a total dividend of N19.4 billion, translating to N2.43 per share to be approved by shareholders at the Annual General Meeting slated for May 17.

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

“If the proposed final dividend is approved, this will become payable on May 20 to all shareholders whose names appear on the company’s register of members, at the close of business on March 6, 2019,” he said.

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