International Breweries Plc reported in its Q2 financial statements that its revenue rose to N42.99 billion in Q2 2021, against the corresponding period. However, the brewer’s loss before tax stood at N13.66bn in Q2 2201, from a loss of N4.29bn in Q2 2020; while loss after tax stood at N11.31bn in Q2 2021 from a loss of N3.71bn in Q2 2020.
According to the financial result obtained by Brand Spur, International Breweries‘ gross profit, therefore, rose by 165% YoY to N8.93bn in Q2 2021. Operating expense increased by 52% YoY to N11.27bn in Q2 2021, driven by higher marketing expense (+220% YoY to N4.71bn) during the period.
The brewer incurred an operating loss (Y-o-Y), as the operating income generated could not cover operating expenses in Q2 2021. However, the operating loss incurred in Q2 2021 (N2.33bn) was improved relative to the operating loss incurred in Q2 2020 (N4.05bn).
Non-operating loss, however, worsened by 4,631% YoY to N11.32bn in Q2 2021, resulting from realised and unrealised foreign exchange losses.