Nigerian Breweries Plc has released results for the half-year with a revenue of ₦152 billion for the period under review and Profit After Tax (PAT) of ₦5.7 billion.
The board made known this known in a statement made available to Daily Champion in Lagos, which released the Company’s results for the half-year ended 30th June 2020.
According to its unaudited and provisional results filed with The Nigerian Stock Exchange, the Company announced a revenue of ₦152 billion for the period under review and Profit After Tax (PAT) of ₦5.7 billion.
A breakdown of the results shows a decline in revenue compared to the ₦170 billion recorded in the corresponding period of 2019.
The half-year results for the 2020 financial year show a strong balance sheet for the Company despite several factors that negatively impacted on the Company’s operations – such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5% to 7.5%, as well as the impact of the coronavirus (Covid-19) pandemic on businesses worldwide. Despite these challenges, the Company’s financial position shows stability and sustained profitability.
To support the fight against the Covid-19 pandemic, the Company, during the period under review, made various donations in cash and kind valued at about ₦531 million out of a phased commitment of ₦600 million to the Federal and State Governments’ Covid-19 Relief Funds.
The board commended the company’s management for its efforts to mitigate the impact of the pandemic on the business, as well as the prudent management of its resources as reflected in a 7% reduction in expenses incurred on marketing, distribution, and administration. The Board expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders.
For a better society
The post Nigerian Breweries records ₦151bn income as profit peaks at ₦5.7bn in 6 months appeared first on Champion Newspapers Limited.