Nigerian Breweries Plc., one of Nigeria’s top brewers has announced the Company’s results for the first half of the year ended 30th June, 2019, posting a revenue growth of 4 percent quarter on quarter to N170.2 billion, buoyed by strong performance in the premium and mainstream segments despite the impact of the increase in excise duties.
According to the unaudited and provisional results filed with The Nigerian Stock Exchange, the company announced a revenue of N170.2 billion for the period under review and profit after tax (PAT) of N13.3 billion during the period. Continuous focus on cost initiatives helped the company to return an operating profit of N24.5 billion
While year on year there was a marginal Revenue decline of 1.4 percent compared to the N173 billion recorded in the corresponding period of 2018, the company recorded a quarter on quarter 4 percent revenue growth buoyed by mid-single digit sales growth.
Speaking on the performance of the company, Sade Morgan, corporate affairs director, Nigerian Breweries, stated that the company was happy with its performance given the very challenging operating environment of Nigeria and the increase in excise duties, adding that Nigerian Breweries remains confident of delivering good investment return for stakeholders.
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Morgan said, “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 returns on investment to its shareholders.”