By Adesola Afolabi
The Board of Directors of Nigerian Breweries Plc. has assured its shareholders that it “remains confident the Company has a clear strategy to deliver a good return on investment (ROI) for its shareholders”.
The assurance of the Board was made in a statement, signed by Uaboi Agbebaku, company secretary/legal adviser, and made available Tuesday, following the announcement of a decline in Profit after Tax of N10.2 billion for the first quarter of 2018.
The director’s in a filing statement to The Nigerian Stock Exchange stated that “while there are some signs of improvement in the macroeconomic conditions, these are yet to be reflected in consumer spending”
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The N10.2 billion PAT recorded in the unaudited and provisional results released to the Nigerian Stock Exchange on Monday, represents an 11.8 percent decline over the N11.4 billion recorded in the corresponding period in 2017.
The Company’s revenue dipped by 9 percent from N91.3 billion in 2017 to N83.0 billion in the current period.
Further analysis shows that results from operating activities declined by 8 percent from N19.2 billion in 2017 to N17.7 billion in the corresponding months in 2018. Profit before Tax also dropped by 12.6 percent from N17.4 billion in 2017 to N15.2 billion in the period under review.