Nigerian Breweries Plc Reports 39.1% Rise in Profit After Tax to ₦7.7Bn

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In the first three months of the year 2021, Nigerian Breweries Plc recorded a 38.6 per cent growth in profit before tax to N11.5 billion from N8.3 billion achieved in the first quarter of 2020.

The Brewer’s profit after tax climbed to N7.7 billion, 39.1 per cent higher than N5.5 billion recorded in the same period of 2020.

Nigerian Breweries’ net revenue for the period jumped to N105.6 billion, 27 per cent stronger than the figure posted in the first quarter of last year, Nigeria’s biggest beer-maker stated in its unaudited earnings report.

According to the financial statements analysed by Brand Spur Nigeria, the revenue increased to N105.7 billion from N83.2 billion, while the cost of sale rose to N66.0 billion from N48.3 billion, leaving the organisation with a gross profit of N39.7 billion compared with N48.3 billion recorded in the corresponding period of 2020.

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Total assets contracted by 0.10 per cent, largely resulting from a tumble in cash and cash equivalents from N30.4 billion to N18.4 billion.

“The impact of Coronavirus (Covid-19) pandemic on the economy and by implication, the Company continued during the period under review,” the brewer said in a statement signed by Uaboi Agbebaku, the company secretary.

“Our priority remained to protect the health, safety and welfare of employees, customers and partners. We regularly monitored and evaluated the Company’s financial position and performance in the light of the pandemic; our Balance Sheet remained strong.”

Finance income increased during the first three months of the year to N25.4 million from N7.9 million, while the finance costs, which is also the borrowing costs, moved up by N3.0 billion from N2.7 billion and this left the net finance expenses bleeding by N3.0 billion compared with negative net finance costs of N2.6 billion in Q1 of 2020.

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Earnings per share (basic and diluted) stood at N0.96, compared to the N0.69 of the same period of 2020.

Last year, the brewer commissioned an automated bottling in Ijebu Ode, Ogun State valued at N5.1 billion. It is anticipated to produce 24,000 bottles per hour.