Nigerian Breweries Records N105.7 Billion Revenue, Declares N7.73billion profit In Q1 2021 Result
The Board of Directors, Nigerian Breweries Plc, -Nigeria’s foremost brewing company has announced a total amount of N105.7 billion as revenue turnover for the first quarter of the 2021 financial year.
According to the unaudited report and provisional results filed at the Nigerian Stock Exchange for the period ended March 31, 2021,the company declared a Profit After Tax of N7.73billionrepresenting a 39.5% increase when compared to N5.54 billion recorded for the corresponding period in the previous year.
Further analysis of the results shows that the N105.7 billion net revenue for Q1 2021 financial statement is a 27% increase from N83.2 billion recorded in the corresponding period in 2020
Cost of Sales rose significantly by 36.6% from N48.3Billion in 2020 to 66.0billion in the period under review, while Marketing, Distribution and Administration Expenses also grew by 5.7% from N24.09Billion in 2020 to N25.45Billon in 2021.
According to the company secretary/Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku, 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 Coronavirus (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. For the rest of the year, we will continue to regularly monitor and evaluate the company’s financial position to ensure that our balance sheet remains strong.” he said.