Nigerian Breweries records N13.77bn profit in Q1

Nigeria’s foremost brewing company, Nigerian Breweries Plc has recorded an impressive result in the first quarter (Q1) of the 2022 financial year with N137.75 billion as net revenue.

According to the unaudited report and provisional results filed at the Nigerian Exchange Limited (NGX) for the period ended March 31, 2022, the company also declared a Profit After Tax of N13.774billion – A 78.3percent rise compared to the N7.73 billion recorded for the corresponding period in the previous year.

A breakdown of the results shows that the N137.75 billion net revenue for Q1 2022 financial statement is a 30.4percent increase from N105.66billion recorded in the corresponding period in 2021.

Cost of Sales increased slightly by 14.1percent from N66.01billion in 2021 to N75.32 billion in the period under review, while Marketing, Distribution, and Administration Expenses also grew significantly by 54.7percent from N25.45billion in 2021 to N39.38billon in 2022.

Read also: Wema Bank sustains growth as Q1 profit rises by 119%

In his remarks, Uaboi Agbebaku, Company Secretary/Legal Director, Nigerian Breweries Plc noted that the company remains committed to continuously delivering value for its shareholders by remaining sustainable and profitable amidst the challenging operating environment and challenges in the Nigerian economy.

“This positive performance has proven the ability of the board and management to navigate Nigeria’s business landscape in the best interest of the shareholders despite the inherent challenges. This result reflects the renewed determination of the company to drive efficiency and guarantee sustainable growth for the business,” Agbebaku said.

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