The Board of Directors of Nigerian Breweries Plc, Nigeria’s foremost brewing company, has announced a revenue of N277 billion for the half-year (six months) ended June 30, 2023.
According to the unaudited and provisional results for the period which was filed with the Nigerian Exchange Limited (NGX), the company recorded a marginal growth in the revenue compared to the N274 billion recorded in the corresponding period in 2022.
A statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, revealed that the half-year results were majorly impacted by the devaluation of the naira which led to revaluation of foreign exchange obligations and higher input costs.
Other factors were the effect of petroleum subsidy removal on consumers, a one-off redundancy exercise cost, and the impact of the cash crunch that hit the country in the first quarter of the year.
As a result, the company recorded an escalated loss after tax of N47 billion in the half-year.
Agbebaku explained that despite the impact of these challenges, the company recorded a more than 100% increase in its Quarter 2 operating profit versus the corresponding period in 2022, driven mainly by pricing, focus on premium products, as well as strong and effective management of cost by the company.
The Quarter 2, 2023 operating profit also improved the Quarter 1, 2023 operating profit.
He added that despite the current impact of the policy reforms of the Federal Government, the company was optimistic that the reforms would benefit the company and the country as a whole in the long term.
The Board reiterated its commitment to creating long-term sustainable value for the company’s shareholders.
About Nigerian Breweries PLC:
A member of the HEINEKEN Group, Nigerian Breweries Plc is Nigeria’s pioneer and largest brewing company.
Incorporated in 1946 as “Nigerian Brewery Limited,” the company made history in June 1949 when the first bottle of STAR lager beer rolled out of its Lagos brewery bottling line.
Today, it has a rich portfolio of 19 high-quality brands (Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz, and Legend) produced from nine breweries and distributed nationwide.
Nigerian Breweries Plc also receives several awards and recognition in other areas of its operations, including product quality, marketing excellence, productivity and innovation, health and safety, corporate social responsibility, and sustainability.
To learn more, visit the Nigerian Breweries website: www.nbplc.com
