The Board of Directors of Nigerian Breweries Plc announced the Company’s results for the first half (H1) of the year ended June 30, 2019.

According to the unaudited and provisional results filed with the Nigerian Stock Exchange (NSE), the Company reported revenue of N170.2 billion for the period under review and Profit After Tax of N13.3 billion during the period.

While year on year there was a marginal revenue decline of 1.4percent compared to the N173 billion recorded in the corresponding period of 2018, the Company recorded a quarter on quarter 4percent revenue growth, buoyed by mid-single digit sales growth driven by strong performance in the Premium and Mainstream segments.

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The strong performance in the quarter was despite the impact of the increase in Excise Duty cost and other costs due to inflation. Continuous focus on cost initiatives helped the Company to return an Operating Profit of N24.5 billion and a Profit after Tax of N13.3 billion for the period.

The operating environment remains challenging with another increase in the Excise Duty rate coming into effect at the beginning of June 2019. The Company remains confident that it has the right long-term strategy that will continue to deliver good return on investment to its shareholders.

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By Iheanyi Nwachukwu • August 6, 2019

Iheanyi Nwachukwu, is a creative content writer with almost two decades journalism experience writing on banking, finance, capital markets, and tax. The multiple awards winning journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Degree in Economics from Imo State University; Master of Science (MSc) Degree in Management from University of Lagos. Iheanyi has attended several work-related trainings including (i) Advanced Writing and Reporting Skills (Pan African University, Lagos); (ii) News Agency Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Development and Regulations (International Law Institute {ILI} of Georgetown University, Washington DC, USA). Other trainings Iheanyi attended include: Economic/Political Risk Analysis (By Thomson Reuters Foundation); International Financial Journalism (IFJ) (By PMA Media Training, UK); Effective Business Writing Skills (By Phillips Consulting); Reporting on Corporate Governance (By International Finance Corporation (IFC) & Thomson Reuters Foundation UK); etc. In addition, he has participated in high-level economy & markets events in Dubai, South Africa, Morocco, and other African countries like Zambia, Ghana and Gambia.

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