Nigerian Breweries Records N18 Billion Profit for Half Year
Nigerian Breweries Plc has announced a Profit after Tax of N18 billion for the first half of 2018, according to the unaudited financial results released to The Nigerian Stock Exchange. The N18 billion represents a 22 per cent decrease over the N24 billion recorded in the corresponding period in 2017.
An analysis of the filing sent to The Nigerian Stock Exchange indicated that The Company’s revenue dipped by 5 per cent from N181 billion in the same period in 2017 to N173 billion in the current period.
A further analysis of the statement show that results from operating activities declined by 20 per cent from N39 billion in 2017 to N32 billion in the corresponding months in 2018, just as Profit before Tax also dropped by 19 per cent from N34 billion in 2017 to N28 billion in the period under review.
In the filing statement signed by the Company Secretary/Legal Adviser, Mr. Uaboi Agbebaku, the Company stated that the new excise duty regime and higher rate of beer introduced by the Federal Government in June 2018 further impacted on affordability in the period under review.