Nigerian Breweries reports H1 revenue drop to N151bn
…also profit dips to N5.7bn
The Board of Directors of Nigerian Breweries Plc released the Company’s results for the half-year (H1) period ended June 30, 2020.
According to the brewer’s unaudited and provisional results filed with The Nigerian Stock Exchange (NSE), the Company revenue decreased to N152 billion for the period under review from a high of N170.2billion in H1 of 2019. Also, its Profit After Tax (PAT) of N5.7 billion in H1’20 decreased from N13.3billion in H1’19.
The half-year results for the 2020 financial year show a strong balance sheet for the Company despite several factors that negatively impacted on the Company’s operations – such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5percent to 7.5percent, as well as the impact of the coronavirus (Covid-19) pandemic on businesses worldwide. Despite these challenges, the Company’s financial position shows stability and sustained profitability.
To support the against the Covid-19 demic, the Company, fight panduring the period under review, made various donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the Federal and State Governments’ Covid-19 Relief Funds.
The Board of Directors commended the Company’s Management for its efforts to mitigate the impact of the pandemic on the business, as well as the prudent management of its resources as reflected in a 7percent reduction in expenses incurred on marketing, distribution, and administration. The Board expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders.
According to the Board, the Company’s priority during this period “remains ensuring the health, safety and welfare of employees, customers and partners.”