Uganda: East African Breweries Limited to pay out dividends worth Shs100 billion
After what officials have described as excellent end of year business results, the East African Breweries Limited has announced that it will pay out dividends worth Shs100 billion to its shareholders across the region, AllAfrica released September 05.
East African Breweries Limited (EABL) is one of only a few companies in the region, which are cross-listed on the three Stock Exchanges of Nairobi, Dar es Salaam and Uganda.
During a breakfast presentation at Kampala Serena Hotel on August 25, the Managing Director of Uganda Breweries Ltd, Mr Baker Magunda, said the EABL Board has recommended a final dividend of Shs102.75 per share, which represents a 38 per cent increase over the one of last year.
The increase in dividend earnings demonstrates increased profitability for its investors, Magunda said. "The Group is proposing a dividend of KShs4 billion (over Shs100b) to all its shares holders in East Africa," he said.
The Group, which consists of Uganda Breweries Ltd, International Distillers Uganda, Kenya Breweries Ltd, East African Maltings, Central Glass Industries and UDV Kenya, posted Shs225 billion in profits before taxation and restructuring, reflecting an increase of 10 percent.
Net revenue made a nine per cent increase to Shs525 billion from Shs477.5 billion last year.
Magunda announced strategic investments into new equipment and efficient technologies for better products and more profits without increasing retail prices of their products.
The new investments are estimated at US$30 million (Shs55.5 billion). But Magunda warned against high taxes saying they are counter productive to the Ugandan economy.
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