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Home Markets Equities Company Results

International Breweries records N2.07 billion pre-tax loss in Q3, 2023 

David Olujinmi by David Olujinmi
October 31, 2023
in Company Results
International Breweries records N2.07 billion pre-tax loss in Q3, 2023 
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In Q3 2023, International Breweries Plc reported a pre-tax loss of N2.07 billion, marking a 55.66% growth from the N4.67 billion pre-tax loss recorded in the corresponding quarter of 2022. 

The company recorded a revenue of N67.65 billion in Q3 2023, marking a 38% year-on-year growth from the same period in 2022.

The Q3 2023 figure modified the company’s nine months’ earnings to N183.78 billion, representing a year-on-year growth of 14.55% from the same period in 2022.  

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Key Highlights Q3 2023 vs Q3 2022 

  • Revenue: N67.65 billion, +37.98% YoY 
  • Cost of sales: N53.01 billion, +37.08% YoY 
  • Gross profit: N14.63 billion, +41.34% 
  • Operating expense: N12.34 billion, -13.73 YoY 
  • Operating profit: N2.30 billion, +158.29% YoY  
  • Net finance costs: N4.37 billion, +500.48% YoY  
  • Loss before tax: N2.07 billion, +55.66 YoY  
  • Loss for the period: N4.95 billion, -57.27% YoY 
  • Cash and cash equivalents: N27.89 billion, +12.23% YoY 
  • Total assets: N602.5 billion, +24.43% YTD 

More Insights 

Despite experiencing a pre-tax loss, the company’s performance showed a relatively positive trend compared to the corresponding quarter in 2022. 

For the nine-month period ending September 30, 2023, the company posted a pre-tax loss of N43.52 billion, a significant decline from the N2.85 billion pre-tax loss posted during the corresponding period in 2022.  

The company’s pre-tax loss in the nine months ending September 30, 2023, is attributable to the incurred finance costs.

For example, the company’s interest expense on borrowings during the nine-month period increased by 244% year-on-year from the corresponding period in 2022.  

 


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David Olujinmi

David Olujinmi

David Olujinmi is an ambitious and dynamic individual with a strong educational background in engineering. While engineering laid the foundation for his analytical skills, David's true passion lies in the world of finance, particularly in the intricacies of capital markets, investment banking, and asset management.

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