Nigerian Breweries profit drops by 10.50 per cent in 2015

Nigerian Breweries Plc has declared 10.50 per cent drop in profit after tax for the financial year ended Dec. 31, 2015.

The News Agency of Nigeria (NAN) reports that the company posted a profit after tax of N38.06 billion against N42.52 billion achieved in the corresponding period of 2014.

The report is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) on Thursday in Lagos.

Further breakdown of the company’s result indicated that profit before tax dipped by 11.30 per cent to N54.514 billion from N61.461 billion reported in 2014.

Its turnover appreciated by 10.30 per cent to N293.91 billion compared with N266.37 billion achieved in 2014.

Also, non-current liabilities dipped to N43.82 billion in contrast with N63.24 billion in 2014, while net assets increased to N172.321 billion from N171.964 billion in the previous year.

The company’s total non-current assets grew to N302.91 billion from N296.51 billion, while total current liabilities grew to N140.08 billion from N114.03 recorded in the preceding year.

The company also declared total current assets of N53.30 billion against N52.73 billion achieved in 2014.

NAN reports that the company proposed a dividend payment of N3.60 per share which will be endorsed by shareholders at an annual general meeting.

The closure of register of the company for the dividend payment will be on March 3, 2016.