Management and Board of the Directors of Nigerian Breweries Plc have released its first quarter results which shown a profit after tax stood at N11.44 billion in 2017 as against N10.45 billion in 2016, the amount represents a 9 per cent increase over the same period.
According to the unaudited and provisional results sent to The Nigerian Stock Exchange shows that the Company posted a revenue of N91.29 billion for the period, signifying an 18 per cent increase over the N77.55 billion over the year 2016. Also, the results from operating activities improved by 7 per cent from N17.99 billion in the first quarter of 2016 to N19.20 billion in the corresponding period in 2017. Profit before tax grew by 16 per cent from N14.99 billion in 2016 to N17.43 billion in the current period.
In a statement signed by the Company Secretary/Legal Adviser, Uaboi Agbebaku and released by Kufre Ekanem Corporate Affairs Adviser Nigerian Breweries Plc disclosed that cost of goods sold increased by 25 per cent as a result of higher input costs while results from operating activities and profit after tax grew by 7 per cent and 9 per cent respectively, impacted by lower net finance charges and a continued focus on its cost efficiencies. While revenue for the period grew by 18 per cent due to the impact of price increases implemented in 2016 to cushion the effects of the operating environment.
The statement noted that although the 2017 operating environment remains challenging, but The Board is confident that the Company is in good position to make the necessary adjustments to cope with the difficult operating environment.