Nigerian Breweries Plc has released its latest earnings report for the first quarter period ended March 31st, 2020. The financial report, which became publicly available on Wednesday, April 22nd, showed that the brewers’ profit decreased significantly by 31.4% to N5.5 billion. See the key highlights below.
Net Revenue: Nigerian Breweries’ net revenue for the Q1 period under review stood at N83.2 billion. In Q1 2019, the company’s net revenue was also N83.2 billion. Meanwhile, the brewer’s cost of sales increased slightly by 0.23% to N48.3 billion, up from N48.2 billion in Q1 2019.
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Profit before and after-tax: The company’s profit before tax for the period under review stood at N8.2 billion, as against N11.4 billion in Q1 2019; therefore indicating a 27.7% decrease. In the same vein, profit after tax also decreased by 31.4% to N5.5 billion in Q1 2020, down from N8 billion during the comparable period of Q1 2019.
Earnings per share: The earnings per share for the period (both basic and diluted) declined to 69 kobo from 100 kobo in Q1 2019.