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Excise duty, inflation impinge on NB’s revenue N152 bn in first half

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Nigerian Breweries Plc

By Peter Egwuatu

 

Following the rise in excise duty, inflation and coronavirus pandemic, Nigerian Breweries, NB Plc has recorded a revenue of N152 billion in its first half of the year ended 30th June 2020, representing a decline by 10.5 percent from N170 billion in the corresponding period of 2019.

The Management of NB explained that the half-year results for the 2020 financial year show a strong balance sheet despite several factors that negatively impacted on the Company’s operations – such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5% to 7.5%, as well as the impact of the coronavirus (Covid-19) pandemic on businesses worldwide.

According to its unaudited and provisional results filed with the Nigerian Stock Exchange, the Company announced a Profit After Tax (PAT) of ₦5.7 billion for the period under review.

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To support the fight against the Covid-19 pandemic, the Company, during the period under review, made various donations in cash and kind valued at about ₦531 million out of a phased commitment of ₦600 million to the Federal and State Governments’ Covid-19 Relief Funds.

The Board of Directors commended the Company’s Management for its efforts to mitigate the impact of the pandemic on the business, as well as the prudent management of its resources as reflected in a 7% reduction in expenses incurred on marketing, distribution, and administration. The Board expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders.

According to the Board, the Company’s priority during this period “remains ensuring the health, safety and welfare of employees, customers and partners.

Vanguard

 

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