NB recommends N7.71bn dividend for 2020
The dividend which amounted to a total dividend of 94k per ordinary share of 50k each, represented a 100 per cent payout.
The statement quoted, Mr Jordi Borrut Bel, NB Managing Director, as saying that the 100 per cent dividend payout recommendation as a demonstration of its strong performance for the financial year-end 2020.
An analysis of the company’s audited result showed that apart from delivering a profit of N7.52 billion, it also recorded a net revenue of N337.01 billion during the period against N323.00 billion in 2019.
“Business performance was quite impressive especially in the face of the COVID-19 pandemic and economic recession.
“Though there was a slight reduction in profitability compared to the previous year, the business witnessed an improved growth in revenue. The significance of this is that business became more stable and healthier,” Borrut Bel said.
He attributed the improved performance for the year to the massive decline in both administrative, marketing and distribution expenses for the financial year relative to the previous year.
According to him, while marketing and distribution expenses experienced a dip from N77.70 billion in 2019 to N70.7billion in the year under review.
He added that administrative expenses experienced a 1.79 per cent decline to N18.96 billion from N19.30 billion, which was largely informed by the elimination of bad costs.
Borrut Bel also said that in spite of other operating challenges coupled with the COVID-19 pandemic that affected businesses generally, the company maintained a strong and healthy balance sheet.
He assured stakeholders that the company remains committed to ensuring that the health, safety and welfare of its employees, customers and partners were protected.
He said that the company would continue to provide long-term value creation for its shareholders.
