Nigerian Breweries pays N1 interim dividend
As Q3 PBT/PAT weakened by 84% and 75.13% y/y
Nigerian Breweries Plc is poised to reward its shareholders with interim dividend of N1.00 per share for shareholders whose names appear in the company’s register before the date of its closure 16th November , 2017.
The company’s third quarter result for the period ended 30th September, 2017 released by the Nigerian Stock Exchange (NSE) on Thursday, announcing the interim dividend fixed 15th November, as qualification date for investors to benefit from the corporate action.
The company’s interim dividend trails its Q3 unaudited result which though recorded year on year growth in revenue, but a year on year Q3 decline in profit before tax (PBT) and profit after tax (PAT).
However, its nine month result showed growth in key measuring indices, revenue, profit befit tax and profit after tax.
The Nigerian Breweries Q3 2017 result showed that sales peaked at N73.67billion, reflecting 17.88per cent q/q decline and year on year(y/y) growth by 12.76 per cent. The Q3 result further showed that PBT of N369.89bn, a q/q decline by -97.78 per cent and -83.57 per cent drop y/y.
Q3 Profit after tax followed the same trend as N259.89bn PAT reflects -97.89 per cent q/q drop and a -75.13% y/y decline.
Meanwhile, analysis of the result on a nine months basis showed that sales of N254.7billion grew by 14 per cent y/y. PBT and PAT of N34.4bn and N24.0bn grew by 24per cent y/y and 19 per cent y/y respectively.
NB’s nine months gross margins thinned by -184bps y/y awhile operating expenses grew by 11per cent y/y. the negatives were no, however robust enough to offset the y/y sales growth and a -23 per cent y/y decline in net finance costs, leading to the PBT growth.
Despite the CBN’s intervention in the fx market through the NAFEX window, the result showed that the brewing giant in Q3 was unable to expand gross margins.
