Nigerian Breweries’ (NB) in its recently released 9M 2019 financials reported marginal 1.0% y/y decline in Net Revenue.
@NBPLC in its recently released H1 2019 financials reported marginal 1.4% decline in Revenue to N170.2bn from N172.7bn in H1 2018. While the company did not report Gross Revenue and excise duty payments, we believe the decline in Net Revenue must have been impacted by higher excise duties payment with the second phase of advalorem excise duty system implemented in June.
