TheCable

Nigerian Breweries Plc (NB) has recorded a profit of N44.59 million, which is a 3 per cent increase, for the year ended December 31, 2014, from N43.30 million recorded the previous year.

This was revealed in the 2014 annual report and accounts presented by the company as it gave notice for its 69th annual general meeting (AGM) in Lagos.

The company also disclosed that its revenue increased to N307.2 million from N302.5 million, representing a 1.6 per cent increase, while earnings per share on data per 50 kobo share increased by 2.9 per cent, from 546 kobo to 562 kobo.

Thus, a final dividend of N27.75 billion at N3.50 per share, based on the enlarged issue share capital of 7.92 billion ordinary shares of 50 kobo each, was proposed by the directors, subject to approval by the shareholders at the proposed AGM.

According to Uaboi Agbebaku, company secretary/legal adviser, Nigerian Breweries, the AGM will give opportunity for elections/re-elections of the company’s directors and fix their remuneration.

“Notice is hereby given that the 69th annual general meeting of Nigerian Breweries Plc, will be held in the Shell Hall, Muson Centre, Onikan, Lagos, on Wednesday, 13th May 2015, at 10.00 a.m.” he said in the report.

“To lay before the meeting, the report of the directors and the statements of financial position as at 31st December 2014, together with the statements of the comprehensive income for the year ended on that date and the reports of the independent auditors and the audit committee thereon.”

Incorporated in 1946, NB brews brands such as Star lager beer, Gulder lager beer, Maltina and Amstel Malta. It was listed on the floor of the Nigerian Stock Exchange (NSE) in 1973 and had a market capitalisation of N1.25 trillion as at December 2014.