Nigerian Breweries records N137.75bn revenue in Q1
Daily Courier – Nigerian Breweries Plc has recorded an impressive result in the first quarter of the 2022 financial year, with N137.75 billion as net revenue.
According to the unaudited report and provisional results filed at the Nigerian Exchange (NGX) for the period ended March 31, 2022, the company also declared a profit after tax of N13.774 billion, a 78.3 per cent rise compared to the N7.73 billion recorded for the corresponding period in the previous year.
A breakdown of the results shows that the N137.75 billion net revenue for Q1 2022 financial statement is a 30.4 per cent increase from N105.66 billion recorded in the corresponding period in 2021.
Cost of sales increased slightly by 14.1 per cent from N66.01 billion in 2021 to N75.32 billion in the period under review, while marketing, distribution, and administration expenses also grew significantly by 54.7 per cent from N25.45 billion in 2021 to N39.38 billion in 2022.
In his remarks, company secretary/Legal director, Nigerian Breweries, Uaboi Agbebaku, noted that the company remains committed to continuously delivering value for its shareholders by remaining sustainable and profitable amidst the challenging operating environment and challenges in the Nigerian economy.
“This positive performance has proven the ability of the board and management to navigate Nigeria’s business landscape in the best interest of the shareholders despite the inherent challenges. This result reflects the renewed determination of the company to drive efficiency and guarantee sustainable growth for the business,” Agbebaku said.