14th July 2016, Lagos, Nigeria -
The Board of Directors of Nigerian Breweries Plc has declared a revenue
of N157.37 billion for the first half of 2016. The unaudited and
provisional results released to The Nigerian Stock Exchange show that
the amount represents a 4 per cent increase over the N151.67 billion
declared in the corresponding period in 2015.
The
results show that the results from operating activities of the Company
improved by 0.10 per cent from N33.90 billion in the first half of 2015
to N33.94 billion in the corresponding period in 2016. A further
analysis shows that Profit Before Tax (PBT) dipped by 17.64 per cent
from N33.99 billion in the period under review in 2015 to N25.52 billion
in the same period in 2016 while Profit After Tax (PAT) dropped by
11.24 per cent to N19.06 billion in the current period from N21.47
billion in the same period in 2015.
A
statement by the Board of Directors said in the first half of 2016, the
Company was able to deliver top line growth with revenue increasing by 4
per cent compared to the first six months of 2015. It added that rising
inflation combined with higher inputs costs as a result of scarcity of
foreign exchange, led to a flat operating profit compared with the
preceding year. Despite a lower interest cost from the Commercial Paper
Programme, PAT declined by 11 per cent, mainly due to foreign exchange
losses arising from the rates going up in June.
The
statement signed by the Company Secretary/Legal Adviser, Mr. Uaboi
Agbebaku, further said although the Board expects the operating
environment in 2016 to remain challenging for the rest of the year, the
Company remains focused on its twin agenda of Cost Leadership and Market
Leadership supported by innovation and the Board remains positive on
the Nigerian market for the medium and long term.
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