Nigerian Breweries Plc Records 17.14% Decline in Profit in full-year 2019

Nigerian Breweries Plc Records 17.14% Decline in Profit in full-year 2019

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Nigerian Breweries Plc. – one of the leading players in the Nigerian Consumer Goods sector, specialized in the production and sales of Alcoholic & Non-alcoholic beverages, released its unaudited financial statements for Full Year 2019, on Thursday the 13th of February, 2020.

The company’s Revenue for Full Year 2019 declined slightly by 0.43% to ₦323.01 billion, compared to ₦324.39 billion in FY’2018. This decline in revenue was a result of the decrease in sales of brewed products in Nigeria, which remains the primary geographical region for the brewer’s product accounting for over 99% of its targeted market.

Nigerian Breweries Plc Records 17.14% Decline in Profit in full-year 2019

The company also recorded an increase in its Distribution Expenses and Net Finance Cost by 10.91% (from ₦70.05 billion in FY’18 to ₦77.70 billion in FY’19) and 57.43% (from ₦7.53 billion in FY’18 to ₦11.85 billion in FY’19) respectively. The increase in the brewer’s Net Finance Cost was a result of the decline in interest income on bank deposit as well as an increase in interest expenses on loans and borrowing, expenses on the overdraft, net loss on foreign exchange transactions, among others.

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Furthermore, relative to FY’2018, the company in FY’2019 recorded a decrease of 20.63% and 17.14% in Profit Before Tax (PBT) and Profit After Tax (PAT) respectively, with PBT declining from ₦29.42.6 billion to ₦23.35billion and PAT declining from ₦19.44 billion to ₦16.11 billion. This decline (in PBT and PAT) was majorly driven by the putrefaction in the aforementioned line items in FY 2019.

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Consequent to the above, Investors earning’s an indicator (Earnings per Share) decreased by 10.57% to ₦2.01 in FY’19, as compared to an EPS of ₦2.43 from the corresponding period in 2018.

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