{"id":24350,"date":"2020-08-03T17:36:38","date_gmt":"2020-08-03T16:36:38","guid":{"rendered":"http:\/\/thefreezonechannel.com\/?p=24350"},"modified":"2020-08-03T17:36:38","modified_gmt":"2020-08-03T16:36:38","slug":"nigerian-breweries-makes-n152bn-in-revenue","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-makes-n152bn-in-revenue\/","title":{"rendered":"Nigerian Breweries makes N152bn in revenue"},"content":{"rendered":"\n<p><strong>\u00a0<\/strong><\/p>\n\n\n<p><strong>By Tanko Mohammed&nbsp;<\/strong><\/p>\n\n\n<p>Nigerian Breweries has declared a revenue of N152 billion for the half-year (H1) ended June 30, 2020, Mrs Sade Morgan, Corporate Affairs Director reported.&nbsp;<\/p>\n\n\n<p>She unveiled the record in the company\u2019s financial report sent to the Nigerian Stock Exchange (NSE) on Monday in Lagos.&nbsp;<\/p>\n\n\n<p>According to the report, the Company also announced a N5.70 billion Profit after tax in the period under review.&nbsp;<\/p>\n\n\n<p>A breakdown of the results showed a decline in revenue of N152 billion compared to the N170 billion recorded in the corresponding period of 2019.&nbsp;<\/p>\n\n\n<p>\u201cThe half-year results for the 2020 financial year show a strong balance sheet for the Company despite several factors that negatively impacted on the Company\u2019s operations.&nbsp;<\/p>\n\n\n<p>\u201cSuch as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5 to 7.5 per cent, as well as the impact of the coronavirus (Covid-19) pandemic on businesses worldwide.&nbsp;<\/p>\n\n\n<p>\u201cDespite these challenges, the Company\u2019s financial position shows stability and sustained profitability.&nbsp;<\/p>\n\n\n<p>\u201cTo support the fight against the Covid-19 pandemic, the Company, during the period under review, made various donations in cash and kind valued at about N531 million out of a phased commitment of N600 million to the Federal and State Governments\u2019 Covid-19 Relief Funds,\u201d the statement said.&nbsp;<\/p>\n\n\n<p>The Board of Directors commended the Company\u2019s Management for its efforts to mitigate the impact of the pandemic on the business, as well as the prudent management of its resources as reflected in a 7 per cent reduction in expenses incurred on marketing, distribution, and administration.&nbsp;<\/p>\n\n\n<p>\u201cThe Board expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders.&nbsp;<\/p>\n\n\n<p>\u201cAccording to the Board, the Company\u2019s priority during this period \u201cremains ensuring the health, safety and welfare of employees, customers and partners,\u201d it added. &nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Nigerian Breweries declares a revenue of N152 billion in six months.<\/p>\n","protected":false},"author":1,"featured_media":9989,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[126],"tags":[186],"class_list":["post-24350","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-trade-and-industry","tag-breweries","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - 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