Are Nigerians no longer drinking beer? 

If they have, who are those night crawlers at different bars springing up in different corners of different cities where bars are allowed? Are they not drinking Nigerian Breweries' products? 

This question is coming to mind, as the the Nigerian Breweries Plc on Monday explained why its Profit After Tax dropped by 41% for the financial year ended December 31, 2018.

The company said increase in excise duty rates had affected the profit. 

At the capital market, the price of Nigerian Breweries shares had slumped from over 150 Naira to less than 80 Naira in few months. 

In a statement in Lagos on Monday, a spokesman for the NB, Mr Uaboi Agbebaku, said that increased excise duty that came into effect during the year under review adversely affected its audited result.

“The 2018 results were adversely impacted by the increased excise duty rates that came into effect during the year and a challenging operating environment,” Agbebaku said.

He also explained that the Nigerian Breweries during the period under review posted profit after tax of 19.4 billion Naira against 31.6 billion Naira achieved in the corresponding period, a decrease of 41 per cent.

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According to him, the revenue also dipped by six per cent to 324.4 billion Naira from the 344.5 billion Naira recorded in 2017.

Agbebaku said that the company recommended a total dividend of 19.4 billion Naira, translating to 2.43 Naira per share to be approved by shareholders at the Annual General Meeting slated for May 17.

“The company had earlier, in 2018, paid an interim dividend of 4.8 billion Naira  which translated to 60 Kobo per share; thus, the final dividend will be 14.6 billion Naira, that is, 1.83 Naira per share.

“If the proposed final dividend is approved, this will become payable on May 20 to all shareholders whose names appear on the company’s register of members, at the close of business on March 6, 2019,” he said.

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