Nigerian Breweries Plc has declared a dividend of N12.92 billion for the financial year ended December 31, 2021 as against the N7.51 billion achieved in the corresponding period of 2020.

The current dividend marked an increase of 72. 03 per cent.

This was contained in its financial report signed by the Group Company Secretary, Mr Uaboi Agbebaku and posted on the Nigerian Exchange Limited on Friday.

The boom in the consumption of beer did not appear strange to many observers.

It was recorded at a period many workers, business owners and entrepreneurs who were bogged down by the effects of the COVID-19 pandemic turned to booze for succour.

In the financial report posted on Friday, Agbebaku further disclosed that the total dividend comprises an interim dividend of N3,230,332,760, that is, 40 Kobo per share, which was declared in October 2021, and a final dividend of N9,690,998,280, that is, 120 Kobo per share.

This translates to a total of 160 Kobo per ordinary share of 50 Kobo each.

The group stated that if the proposed final dividend of N9,690,998,280 that is, 120 Kobo per share is approved, it would be subjected to deduction of withholding tax at the appropriate rates.

It revealed that the final dividend would become payable on April 22, 2022, to shareholders whose names appeared on the company’s register of members at the close of business on March 9, 2022.

The report also revealed that its directors were recommending to shareholders for their approval at the forthcoming Annual General Meeting, a right of election for qualifying shareholders to receive new ordinary shares in the company instead of the final dividend in cash.

“The election is required to be made on or before April 12, 2022.

“The reference share price for the purpose of determining the number of shares due to qualifying shareholders who elect for the share option will be a 10-day trading average of the company’s share price on the floor of the Nigerian Exchange Ltd., starting on March 10, 2022,” it said. (NAN)