NB invested N36bn in Nigeria in 2020

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*Proposes N7.7bn scrip dividend

By Peter Egwuatu & Providence Adeyinka

Nigerian Breweries (NB) Plc said it expended over N36 billion in capital investment into its operations across Nigeria during the 2020 financial year and has recommended a N7.7 billion special scrip dividend scheme for its shareholders for the year.

Speaking at a virtual pre-AGM media briefing of the company, Managing Director, Jordi Borrut Bel, said aside from the investment, the company recorded significant growth in sales volume in the 2020 financial year despite the impact of the COVID-19 pandemic on businesses.

Bel explained that the investments included the construction of a PET line inaugurated at Ijebu Ode Plant, the Ibadan Brewery Solar Power project among others, reiterating that the company remains a great believer in the Nigerian economy and would continue to play its part by investing to create more employment opportunities and contribute to the nation’s economic growth.

He stated: “The 2020 financial year was a remarkable one for us as it afforded us the opportunity to invest heavily and position for growth. We spent not less than N36 billion on various assets to enhance business growth.

“For 2021, we will strive to sustain the performance of the second half of 2020. However, we will still expect a challenging operating environment with devaluation, forex scarcity, inflation and affordability.”

Meanwhile, the special scrip dividend scheme would give interested shareholders the option to elect to receive new ordinary shares in the Company instead of the final dividend in cash.

Vanguard News Nigeria

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