Nigerian Breweries posts 39.5% increase in Q1 profit

Nigerian Breweries posts 39.5% increase in Q1 profit

Nigerian Breweries posts 39.5% increase in Q1 profit


 

 

The first quarter of 2021 is a great start for the Nigerian Breweries Plc (NB) as the company reported a 39.5 per cent rise in its profit at the end of the quarter.

The company disclosed that its profit after tax for the first quarter of 2021 financial year rose to N7.73 billion from the N5.54 billion recorded for the corresponding period in the previous year.

The brewing company reported N105.7 billion as revenue for Q1 2021, up 27 per cent from the N83.2 billion recorded in the corresponding period in 2020, according to its unaudited report and provisional results filed at the Nigerian Stock Exchange.

A statement by the Corporate Affairs Director, Sade Morgan, said the company’s cost of sales rose significantly by 36.6 per cent from N48.3 billion in 2020 to N66 billion in the period under review.

It said marketing, distribution and administration expenses also grew by 5.7 per cent from N24.09 billion in 2020 to N25.45 billion in 2021.

The Company Secretary/Legal Director, Nigerian Breweries, Uaboi Agbebaku, said, “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 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.”

He said for the rest of the year, the company would continue to regularly monitor and evaluate its financial position to ensure that its balance sheet remained strong.