By Nkiruka Nnorom
International Breweries (IB) Plc has recorded N35.15 billion revenue for the third quarter 2020 (Q3’20), representing 22.8 percent increase compared to N28.63 billion it recorded in Q3’2019.
The financial statement filed with the Nigerian Stock Exchange (NSE) showed that the company’s gross profit rose by 46.8 percent to N5.96 billion from N4.06 billion in the previous period despite 18.7 percent increase in cost of sales.
The result showed significant improvement in the bottomline as the loss after tax for the period fell to N1.5 billion, a 84.4 percent improvement over N9.6 billion loss after tax recorded in the previous period in 2019.
The company said in a statement that the improved result was driven by an increase in top line growth, cost controls of administrative expenses, as well as reduction of marketing and promotion expenses.
The company explained that the revenue was positively impacted by volume growth in Trophy Extra Special Stout, stressing that it would “indeed close the year strong with an improved balance sheet from prior year and value addition to its consumers even as the company gears up to excite its consumers even more as the peak season activities begin.”
Building on our company’s vision of ‘Bringing People Together for a Better World’, IB Plc within the quarter under review, supported some communities by making donations of Covid-19 relief items to support the fight against the pandemic across various states in Nigeria.