Nigerian Breweries records N13bn tax on N170bn revenue in 2019 first half

Nigerian Breweries Plc has announced the company’s results for the first half of the year ended 30th June, 2019.

According to the unaudited and provisional results filed with the Nigerian Stock Exchange (NSE) 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.

While there was a marginal revenue decline of 1.4 percent, year on year 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 driven by strong performance in the premium and mainstream segments.

The strong performance in the quarter was despite the impact of the increase in excise duty cost and other costs due to inflation, the company’s directors said in a statement signed by Sade Morgan, it’s corporate affairs director.

The company said continuous focus on cost initiatives helped it 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,” the statement read.