EABL announces Sh6.9 billion dividends to shareholders
By Jackson Okoth
Shareholders of East African Breweries Limited have approved payment of a final dividend of Sh8.75 per share, a payout total amounting to Sh6.9 billion.
This was done during East African Breweries Limited (EABL) 89th Annual General Meeting held at a Nairobi hotel.
"The future outlook remains positive given the economic forecast in sub-Sahara Africa propelled by our strong company fundamentals and resource mobilisation in long –term growth drivers," said Seni Adetu, EABL Group Chief Executive.
The group’s earnings per share rose to Sh9.30 from last year’s figure of Sh9.08, while turnover grew by 16 per cent to Sh44.9 billion up from the previous Sh38.7 billion.
Improved cost management resulted in operating profit increasing by 10 per cent to 12.4 billion, for the financial year ended June 30 2011. Profit after tax was Sh9 billion, representing a two per cent growth over the previous year.
"Despite these tough market conditions, we are proud of the results we achieved. We have demonstrated agility in responding to the changing environment. We have made a number of interventions to enhance the positions of our great brands and to strengthen the business for the future," said Jeremiah Kiereini, the Group’s board chairman.
As ordinary business, shareholders approved the re-election of Charles Muchene, Mark Bomani, Seni Adetu, Evans Mwaniki and Allan Shonubi as directors of the company for another term.
The meeting also approved a nine per cent increase in the director’s fees to Sh20.8 million for all non-executive directors together.
The company’s top management assured shareholders of its commitment to stick on the path of growth despite the current macroeconomic challenges.
EABL has been spreading its tentacles into Uganda and Tanzania, to capture the wider East African market.
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