Nigerian Breweries Plc has announced revenue of N274.03 billion for the first half of the year ended June 30, 2022.<\/p>\n\n\n\n
The company made the disclosure in a statement signed by its Secretary\/Legal Director, Mr Uaboi Agbebaku, on Sunday in Lagos.<\/p>\n\n\n\n
Agbebaku said that the revenue represented a growth of 31 per cent when compared with N209.22 billion posted in the preceding period of 2021.<\/p>\n\n\n\n
He said company also recorded a profit after tax of N19.08 billion against N7.86 billion in the corresponding period of 2021, an increase of 142.8 per cent.<\/p>\n\n\n\n
Agbebaku said that basic earning per share stood at 237k as against 97k recorded in the comparative period.<\/p>\n\n\n\n
He said the company\u2019s increase in profit was driven mainly by top line growth resulting from its pricing strategy and better mix.<\/p>\n\n\n\n
Agbebaku said that further analysis of the results revealed that cost of sales increased by 18.3 per cent to N155.35 billion from N131.34 billion in the corresponding period.<\/p>\n\n\n\n
He added that marketing, distribution and administrative expenses rose by 44.6 per cent to N84.45 billion from N58.42 billion in 2021.<\/p>\n\n\n\n
These expenses, Agbebaku said, were driven by the increase in commercial activities post COVID-19, rising diesel prices and higher wages arising from collective labour agreements.<\/p>\n\n\n\n
He added that though interest expenses were lower, the net finance cost was higher due to foreign exchange losses arising from a higher cost of meeting foreign obligations to overseas partners.<\/p>\n\n\n\n
\u201cIn spite of these challenges, our business continues to build momentum and deliver consistently profitable growth even in the context of a very challenging operating environment.<\/p>\n\n\n\n
\u201cOur best-in-class portfolio of brands provides a unique platform that positions us well to lead and grow the beer and malt category and drive superior long-term value creation,\u201d he said.<\/p>\n\n\n\n
He expressed the company\u2019s commitment to continuously evaluate its financial position and business performance to ensure a strong balance sheet, while remaining dynamic in its response to operational challenges vis-\u00e0-vis the economy.<\/p>\n\n\n\n
\u201cIn line with our certification and status as a great place to work company, we would also continue to prioritise the health, safety, and welfare of employees and partners,\u201d he said.<\/p>\n\n\n
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Nigerian Breweries Plc has announced revenue of N274.03 billion for the first half of the year ended June 30, 2022. The company made the disclosure in a statement signed by its Secretary\/Legal Director, Mr Uaboi Agbebaku, on Sunday in Lagos. Agbebaku said that the revenue represented a growth of 31 per cent when compared with […]<\/p>\n","protected":false},"author":2,"featured_media":37709,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1366,949],"tags":[1047],"class_list":["post-44143","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-economy","tag-nigerian-breweries","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"\n
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