Nigerian Breweries Plc released its full year audited earning report for the period ended December 2012 with revenue rising 20% to N252billion. Operational Profit for the period was N63.9billion. Pre-tax profits was N55.6billion representing a 1% increase over the same period in the prior year. Profit after tax also fell flat at N38billion, almost the same as was the prior year.
The flat earnings was mostly attributed to increase in finance cost which from a positive N687m in the prior year to a cost of N8.3billion this year. The company currently carries about N50billion in net debt and a negative working capital of about N23billion. Despite this it was able to generate about N50billion in operating cash flows for the period. The company has declared a N23billion dividend payment even though it ended the year with about N9billion in cash. NBL share price at the end of 22 feb 2013 was N166.
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