Nigerian Breweries plc has announced a nine percent dip in revenue from N91.3 billion in 2017 to N83.0 billion in first quarter of 2018.
Profit after tax also came down by 11.8 percent to N10.2 billion for the quarter from N11.4 billion recorded in the corresponding period in 2017.
The figures are contained in the company’s unaudited and provisional results released to the Nigerian Stock Exchange by the company and made available to business a.m.
The brewer stated that “while there are some signs of improvement in the macroeconomic conditions, these are yet to be reflected in consumer spending,” alluding to why sales revenue had fallen for the quarter.
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Further analysis shows that results from operating activities declined by eight per cent from N19.2 billion in 2017 to N17.7 billion in the corresponding months in 2018. Profit before tax also dropped by 12.6 per cent from N17.4 billion in 2017 to N15.2 billion.
The statement, signed by Uaboi Agbebaku, company secretary/legal adviser, added that “the board remains confident that the company has a clear strategy to deliver a good return on investment for its shareholders.”
Only recently, the company paid out 100 percent dividend from its N33 billion profit made in 2017 as approved by its shareholders at the annual general meeting held in Lagos.