The Board of Directors of Nigerian Breweries Plc has released the Company’s results for
the half-year ended 30th June 2020.
According to its unaudited and provisional results filed
with The Nigerian Stock Exchange, the Company announced a Revenue of ₦152 billion for
the period under review and Profit After Tax (PAT) of ₦5.7 billion.
A breakdown of the results shows a decline in revenue compared to the ₦170 billion
recorded in the corresponding period of 2019.
The 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’s operations –
such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5% to 7.5%,
as well as the impact of the coronavirus (Covid-19) pandemic on businesses worldwide.
Despite these challenges, the Company’s financial position shows stability and sustained
profitability.
To 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 ₦531 million out of a
phased commitment of ₦600 million to the Federal and State Governments’ Covid-19 Relief
Funds.
The Board of Directors commended the Company’s 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% reduction in expenses incurred on marketing, distribution,
and administration. The Board expressed confidence that the Company is well-positioned to
continue to deliver return on investment to Shareholders.
According to the Board, the Company’s priority during this period “remains ensuring the
health, safety and welfare of employees, customers and partners.
