1 min readFeb 21, 2022

Nigerian Breweries Revenue Hits 5 Year High.

Nigerian Breweries last week released its audited full-year 2021 numbers. Here is a deep dive into the company’s results. We will update this with additional information, from the company’s investor day.

Revenue hits 5 year high

The company made N437 billion as revenue in the period. Up by 29.7% from the N337 billion it made in FY 2020. FY 2021 revenue is the highest it has made in the last 5 years.

Profit is great but…..

While profit after tax rose by 72% from N7.3 billion in 2020 to N12.6 billion, this is still one of the lowest profits the firm has made over the last 5 years. In 2017, it made a profit after tax of N33 billion, and since then it has pretty much been on a decline.


The company has proposed a final dividend of N1.20 per share. Last year, it paid 40 kobo as an interim dividend. NB is paying out 99.3% of its earnings, essentially the same as the previous year.

The brewer may have decided to take this measure since it has large foreign ownership (and in dollar terms, that dividend is much smaller). Shareholders have the option of receiving shares in lieu of dividends. As a blue-chip, raising debt capital is a walk in the park.


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