Nigerian Breweries Plc has released its unaudited financial statements for the first quarter (Q1) 2024, posting a loss after tax of N52.1 billion.
This represents a 79% year-on-year decline from N10.7 billion net loss reported in Q1 2023.
The group recorded a huge N227.1 billion gross turnover during the quarter, marking an 84% year-on-year growth from the N123.3 billion sales posted during the corresponding quarter of last year.
However, a net finance cost of N90.8 billion caused the group to post a pre-tax loss of N65.6 billion, which marks a 73% year-on-year decline from the N17.4 billion pre-tax loss posted in Q1 2023.
Following a challenging 2023, the group continues to face financial turbulence, evidenced by its reported net FX loss of N72.8 billion in Q1 2024.
Key Highlights Q1 2024 vs Q1 2023
- Revenue: N227.1 billion, +84% YoY
- Cost of sales: N145.2 billion, +83% YoY
- Gross profit: N81.9 billion, +87% YoY
- Selling and distribution expenses: N10.9 billion, +32% YoY
- Operating profit: N23.3 billion, +1241% YoY
- Net finance costs: N90.8 billion, +370% YoY
- Loss before tax: N65.6 billion, -73% YoY
- Loss after tax: N52.1 billion, -79% YoY
- Earnings per share: (N6.27), -79% YoY
- Cash and cash equivalents: N52.6 billion, +33% YTD
- Total equity: N11.4 billion, -82% YTD
- Total assets: N856.8 billion, +8% YTD
What you should know
During the quarter, the group expended N117.6 billion on raw materials and consumables, marking a whopping 120% year-on-year increase from the N53.5 billion spent on inputs in Q1 2023.
The group’s 283% year-on-year growth in interest expense during the quarter is also reflective of the high interest rate operating environment in Nigeria. Its interest expense as of Q1 2024 was N18 billion, compared to N4.7 billion in Q1 2023.
