Markets

Nigerian Breweries declares N55.6bn profit for 2012

Nigerian Breweries Plc has declared a profit of N55.6 billion for the 2012 financial year. The unaudited and provisional result released, weekend, showed that the company made a turnover of N252.6 billion as against N211 billion declared for the previous year.

A statement by the board revealed that the company maintained its leadership position in the market in spite of the challenging operating environment in 2012.

Results from the company’s operating activities grew by 13.4 per cent while profit for the year was impacted by high financing costs arising from investments in plant expansion as well as working capital.

The statement signed by Mr Uaboi Agbebaku, Company Secretary and Legal Adviser, said the board had recommended the payment of a total dividend of N22,688,113,296, that is, N3.00 per ordinary share of 50 kobo each.

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