By Eromosele Abiodun, 05.18.2010
The Board of Directors of Nigerian Breweries Plc will today meet to decide the payment of an interim dividend for first quarter, ended March 31, 2010. Nigerian Breweries has a robust dividend policy as it declares both interim and final dividends yearly. In 2009 for instance, the company declared two interim dividends and a final - bringing the total dividend for that year to N27.90 billion or N3.69 per share.
In line with its robust dividend policy, directors of the company will today meet to decide on the first interim dividend for 2010. THISDAY gathered the Nigerian Stock Exchange (NSE) has already been notified of the company's meeting.The company had posted an impressive performance in 2009 despite the challenging operating environment. The Interim Managing Director/Chief Executive Officer the company, Mr. Paul Hammers, last week told journalist at the Pre-Annual General Meeting press briefing that its performance was driven by an increased revenue and strict cost control.Nigerian Breweries posted a growth of 13 per cent in its turnover from N145.46 billion in 2008 to N164.21 billion in 2009.
Operating profit rose from N36.78 billion to N41.66 billion while profit after tax grew from N25.70 billion in 2008 to N27.91 billion.According to Hammers, to sustain and improve its market leadership in Nigeria, the company has put strategies in place, which include an increase in investment in sales and marketing, increase in portfolio of brands and sustained cost control.”