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Nigerian Breweries wins NSE Presidents Merit award


Nigerian Breweries Plc has emerged the winner of the prestigious yearly Nigerian Stock Exchange (NSE) President\'s Merit Award in the breweries sector category. The company won the award at the 31st edition of the award held in Lagos over the weekend.


According to a statement from Nigerian Breweries signed by its Corporate Affairs Adviser, Mr. Yusuf Ageni, this is the 16th time that the company would win the award, having won it 15 previous times including last year.


Ageni, who attributed the feat to Nigerian Breweries\' current robust growth profile, which is reflected in its financials, assured shareholders of a brighter future.


Nigerian Breweries had declared a total of N18.1billion as Profit Before Tax (PBT) for the half year ended 30th June, 2008. This represented a 43 per cent increase over the N12.7 billion, which it declared as PBT for the same period in 2007.


The company\'s un-audited and provisional result for the half year also showed that it made a turnover of N68.1 billion, representing a 31 per cent increase over the N51.9 billion achieved for the corresponding period of 2007.


The rise in turnover resulted in an increase in operating profit from N12.5 billion in the first half of 2007, to N17.7 billion for the corresponding period in 2008, representing an increase of 42 per cent. Due to this, the Profit After Tax (PAT), increased from N8.5 billion to N12.3 billion in the first half of 2008, showing an increase of 46 per cent.


The company also declared an interim dividend of N7, 562,562,340, that is N1.00 per ordinary share of 50 kobo each in the share capital.


This represented an increase of 82 per cent over the N4, 159,409,287, that is, 55 kobo per ordinary share of 50 kobo in the share capital, which the company paid as interim dividend in 2007. - Guardian


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