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By Chinwendu Obienyi
Amid the foreign exchange (FX) challenges and the Russia-Ukraine conflict which has resulted to a steep rise in the price of crude oil and grains as well as other challenges, Nigerian Breweries (NB) Plc has said it is poised to maintain its leadership in the brewery market via its cost and value strategies.
In this vein, it has recommended a total dividend of N12.9 billion, translating to N1.60 per share for the 2021 financial year and will seek shareholders’ approval of a share for cash dividend election scheme at its forthcoming Annual General Meeting (AGM).
Speaking to newsmen during its Pre-AGM media briefing in Lagos on Thursday, the Chief Executive Officer, NB Plc, Hans Essaadi, noted that despite the challenging operating environment, the company remained dynamic with its processes and was able to remain resilient and grow from strength to strength.
Essaadi, however, noted that the cost of living is currently high and together with increased price in the cost of fuel, particularly diesel, is slowing the growth of Fast-Moving Consumer Goods (FMCG) sector. He also lamented that the FX crisis has been a source of concern but added that the brewery giant is confident in its ability to weather the challenge due to the legacy it has built over 75 years. “The deteriorating forex situation has led to foreign suppliers running out of patience with their Nigerian partners, mostly manufacturers who are finding it difficult to settle their rising foreign payables. Our outstanding foreign payables rose by 76 per cent in 2021 and due to lack of FX, the task of procuring input materials has been arduous.
