Nigerian Breweries Plc has disclosed its unaudited condensed interim financial statements for the nine months period ended September 2019. The top brewer reported a decline in profitability, even as expenses remain high. Let’s summarise the details below.
Gross and net revenue: The company and its subsidiaries earned a gross revenue of N259.9 billion during the nine months period under review. This indicates that there was a 1.9% increase when compared to September 2018 revenue of N255 billion.
Net income for the period, however, decreased slightly by 1% to N235.7 billion down from N238 billion during the comparable period in 2018.
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Expenses: Note that the cost of sale for the period stood at N 139.5 billion, which is a 2.6% reduction when compared to N 143.3 billion cost of sale expense. Meanwhile, marketing and distribution expenses for the period stood at N57.4 billion compared to N51.4 billion as at September 2018. Administrative expenses however reduced to N 14.2 billion compared to N16.9 billion during the comparable period last year.
Profit before tax: Nigerian Breweries’ PBT for the period declined by 23.4% to N 17.2 billion, compared to N22.4 billion recorded during the three quarters of last year.
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Profit for the period: This also declined 17% to N12.2 billion compared to N14.9 billion profit that the company and its subsidiaries made within the first nine months of 2018.
Earnings per share attributable to shareholders was put at N1.53 compared to N1.85. In the meantime, the company said it would pay shareholders an interim dividend of N0.50 per ordinary share of N0.50 each. This is subject to the deduction of appropriate withholding tax.
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