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NB posts N24.6bn profit in six months

Nigerian Breweries PLC has declared a Profit Before Tax (PBT) of N24.6 billion for the half year ended June 30, 2009. This represents a 35.8 per cent increase over 18.1 billion PBT declared for the same period in 2008.

The company’s profit after tax (PAT) during the period was N16.8 billion, a 36.6 per cent increase over 12.3 billion declared for the same period in 2008.

The unaudited and provisional result declared by the board of Nigerian Breweries shows that the company achieved a turnover of N82.6billion, an increase of 21.5 per cent over N68 billion declared for the corresponding period in 2008.

A statement signed by Mr. Uaboi Agbebaku, the Company Secretary/Legal Adviser, said higher turnover, benefits from continuing investments and improved operating efficiencies resulted in an increase in Operating Profit from N17.6 billion in the first-half of 2008 to N24.6 billion in the corresponding period for 2009. As a result, the Profit After Tax increased by 37 per cent to N16.9 billion for the first half of 2009.

“to what extent this positive trend is going to continue in the next quarter remains to be seen. The Board is not unaware of the current global economic situation as well as its likely impact on businesses for the remaining part of 2009. Other factors include the deteriorating security situation in the country and the devaluation of the naira,” he said.

It would be recalled that the company recently declared an Interim Dividend of N9, 831,331,042, that is, N1.30 per ordinary share of 50 kobo each in the share capital of the company. The Interim Dividend, which is subject to deduction of withholding tax at the appropriate rate, was has ben paid to all shareholders .


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