Nigerian Breweries posts N11.4bn profit in first quarter of 2017

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Nigerian Breweries Plc has posted a profit of N11.44bn after tax for the first quarter of 2017.

Its profit before tax grew by 16 per cent to N17.43bn in the first quarter of 2017 from N14.99bn in the first quarter of last year.

The company’s unaudited condensed interim financial statements filed with the Nigerian Stock Exchange showed that its after-tax profit increased by nine per cent from the N10.46bn recorded in the same period in 2016.

According to the results, the company posted revenue of N91.29bn for the period, reflecting an 18 per cent increase over the N77.55bn recorded in Q1 2016.

The results from operating activities improved by seven per cent to N19.20bn in Q1 2017 from N17.99bn in corresponding period in 2016.

A statement signed by the Company Secretary/Legal Adviser, Nigerian Breweries, Mr. Uaboi Agbebaku, said the cost of goods sold increased by 25 per cent as a result of higher input costs.

He said the results from operating activities and the profit after tax were impacted by lower net finance charges and a continued focus on cost efficiencies.

He said, “Revenue for the period grew by 18 per cent due to the impact of price increases implemented in 2016 to cushion the effects of the operating environment.”

The statement said, “Although the 2017 operating environment remains challenging, the board is confident that the company is in good position to make the necessary adjustments to cope with the difficult operating environment.”

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