May 5, 2021

Nigerian Breweries records 27% jump in revenue to N105.7bn in Q1

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By Peter Egwuatu

The   Board   of   Directors,   Nigerian   Breweries   Plc,  Nigeria’s   foremost   brewing company has announced a total amount of N105.7 billion as revenue turnover for the first quarter, Q1 of the 2021 financial year, representing a 27 per cent increase from N83.2 billion in the corresponding period of 2020.

According to the unaudited report and provisional results filed at the Nigerian Exchange for the period ended March 31, 2021, the Company declared a Profit After Tax of N7.73 billion representing a 39.5 per cent increase when compared to N5.54 billion recorded for the corresponding period in the previous year.

Further analysis of the results shows that the cost of sales rose significantly by 36.6 per cent to N66 billion from N48.3 billion in 2020 while Marketing, Distribution and Administration Expenses also grew by 5.7 per cent to N25.45 billion in 2021 from N24.09 billion in 2020.

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According to the company secretary/Legal Director, Nigerian Breweries Plc, UaboiAgbebaku,   the   company   remains   focused   on   its   strategy   to   deliver   sustainable growth and will continue to monitor the business environment and remain dynamic in its response to operational challenges via-a-vis the economy, particularly in the face of Covid-19 pandemic.

“The impact of Coronavirus (Covid-19) pandemic on the economy and by implication, the   company   continued   during   the   period   under   review.   Our   priority   remains   to protect the health, safety and welfare of employees, customers and partners. For the rest of the year, we will continue to regularly monitor and evaluate the company’s financial position to ensure that our balance sheet remains strong” he said.

Vanguard News Nigeria