International Breweries Plc has reported a profit after tax of N367.5 million for the third quarter of 2021 as it managed to overcome a loss after tax of N1.52 billion in the same period a year ago.
According to a statement on its financial results, the firm’s revenue rose by 32.1 per cent to N46.43 billion in Q3 2021 from N35.15 billion in the corresponding period of 2020.
It said, “Cost of sales also increased by 16 per cent to N33.86bn, thereby yielding a gross profit of N12.57bn in Q3 2021, a significant jump from N5.96bn recorded in the previous year.
“Similarly, the gross profit margin moved upward from 16.9% recorded in Q3 2020 to 27.1% in the review period.”
An analysis of the statement of financial position showed that the total assets of the company increased by 8.3% per cent in the past nine months.
It grew from N372.65 billion as of the end of 2020 to N403.46 billion as of September 2021.
Inventories jumped by 65.8% to N23.54 billion as of Q3 2021 from N14.19 billion at the end of last year.
The statement noted that International Breweries recorded negative returns in 2020, largely attributed to the effect of the COVID-19 pandemic and lockdown measures around the world, specifically in Nigeria.
It said the positive movement in the company’s Q3 2021 result was an indication of recovery from the losses recorded in the previous year, as businesses continued to open and parties resume across most areas in the country.
A further breakdown of the financials revealed that in Q3 2021, the company acquired plant, property and equipment with a total cost of N16.2 billion as against N12.1 billion in the corresponding 2020 period.
