The Board of Directors of Nigerian Breweries Plc has declared a profit after tax of N11. 44 billion for the first quarter of 2017. The unaudited and provisional results sent to The Nigerian Stock Exchange shows that the amount represents a 9 per cent increase over the N10.45 billion recorded in the same period in 2016.
According to the results, the Company posted a revenue of N91.29 billion for the period, signifying an 18 per cent increase over the N77.55 billion achieved in 2016. 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.
The statement signed by the Company Secretary/Legal Adviser, Mr Uaboi Agbebaku, added 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. 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 concluded that although the 2017 operating environment remains challenging, The Board is confident that the Company is in good position to make the necessary adjustments to cope with the difficult operating environment.