Nigeria Breweries Plc released its 2014 Q1 results showing a 6.8% increase in revenue to N68.9billion compared to N64.5billion posted a year earlier. Other highlights of the results are as follows;
- Revenue of N68.9billion came 12% lower than the N78.3billion posted in the quarter ending December 2013.
- Gross profit rose 2.8% to N32.4billion compared to N31.5billion a year earlier
- Operating profit also rose 5.7% to N15.3billion compared to N14.4billion a year earlier.
- Pre-tax profits rose 8.3% to N14.7billion compared to N13.5billion.
- Inventory turnover was 1.8x higher than 1.4x same period last year and indication that inventory is been converted into revenue faster this quarter.
- Particularly though, NB increased its loan portfolio by a whopping N27billion as it continues its capital investment spree. The loans off course are part of the N60billion facility agreement they entered into in 2011 which will be used to finance capacity expansion and distribution network
- This has taken debt to equity ratio to 34% from 8% at the end of 2013
