Nigerian Breweries declares N10.5bn profit for 2016 first quarter

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Nigerian Breweries Plc logo.

The Board of Directors of Nigerian Breweries Plc has declared a Profit after Tax of N10.45 billion for the First Quarter ended March 31, 2016.

The unaudited show that the N10.45 billion profit after tax represents a 4 per cent increase over the N10.10 billion declared in the corresponding period in 2015.

Revenue for the period grew by 11 per cent from N69.92 billion in 2015 to N77.55 billion in the current period. A further analysis shows that the Results from Operating Activities improved by 10 per cent from N16.37 billion in the first three months of 2015 to N17.99 in the corresponding months in 2016.

A statement by the Board of the Directors said the 11 percent growth in Revenue was a reflection of the Company strong and effective route to market, increased sales during the festive Easter period as well as higher number of sales days in the period as against the lower number of days recorded in the corresponding period of 2015 due to the general elections.

According to the statement, despite the current challenging operating environment leading to consumer down-trading, rising inflation, increased cost of financing due to higher foreign exchange cost and increased input cost amongst others, the Company was still able to return the 4% increase in Profit after Tax.

The increase in profit was also helped by the one-off merger costs incurred in the first quarter of 2015.

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