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.
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.