Nigerian Breweries Annual Report
Buhari is running for a second term in office (image courtesy State House)

The Nigerian Breweries has said the federal government’s new excise regime on alcohol and spirits affected its earnings in the first nine months of 2018.

In a statement by the company, its profit before tax dropped by 34.7% to N22.4 billion from the N34.4 billion made in the same period in 2017.

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Also, its Profit after tax slumped by 38.4% to N14.7 billion from the N23.9 billion in the previous year.

“The Board of Directors of Nigerian Breweries Plc has approved an interim dividend of N4,798, 141, 231 (four billion, seven hundred and ninety eight million, one hundred and forty one thousand, two hundred and thirty one Naira), that is, 60 (sixty) kobo per ordinary share of 50 kobo in the share capital of the Company, for the period ended September 30, 2018,” the statement said.

“The interim dividend, which is subject to the deduction of withholding tax, is payable on Monday, 10th December 2018 to all shareholders registered in the books of the Company at the close of business on Thursday, 22nd November 2018.”