The Board of Directors of Nigerian Breweries Plc has announced the company’s results for the first half of the year ended 30th June, 2019.
According to the unaudited and provisional results filed with The Nigerian Stock Exchange, the company announced gross revenue of ₦170.2 billion for the period under review and Profit after Tax of ₦13.3 billion during the period.
While year on year there was a marginal revenue decline of 1.4% compared to the ₦173 billion recorded in the corresponding period of 2018, the company recorded a quarter on quarter 4% Revenue growth buoyed by mid-single digit sales growth driven by strong performance in the Premium and Mainstream segments. The strong performance in the quarter was despite the impact of the increase in Excise Duty cost and other costs due to inflation. Continuous focus on cost initiatives helped the company to return an Operating Profit of ₦24.5 billion and a Profit after Tax of N13.3 billion for the period.
The operating environment remains challenging with another increase in the Excise Duty rate coming into effect at the beginning of June 2019. The company remains confident that it has the right long-term strategy that will continue to deliver good return on investment to its Shareholders.