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Nigerian Breweries revenue grows 31% to N274.03bn in H1’22

Nigerian Breweries (NB) Plc has announced a 31% growth in revenue to N274.03 billion for the first half (H1) of the year ended June 30, 2022, up from the N209.22 billion posted in the same period of 2021.

The Company Secretary/Legal Director, Uaboi Agbebaku, who disclosed this in a statement yesterday in Lagos, also said NB recorded a pre-tax profit of N19.08 billion against N7.86 billion year-on-year, an increase of 142.8%.

The statement put basic earnings per share at 237k against 97k recorded in the comparative period.

Agbebaku explained that NB profit was driven mainly by top line growth resulting from its pricing strategy and better mix.

Further analysis of the results revealed that cost of sales increased by 18.3% to N155.35 billion from N131.34 billion during the period in review, just as marketing, distribution and administrative expenses rose by 44.6% to N84.45 billion from N58.42 billion in 2021.

He attributed the higher expenses to increase in commercial activities post COVID-19, rising diesel prices and higher wages arising from collective labour agreements.

In line with our certification and status as a great place to work company, we would also continue to prioritise the health, safety, and welfare of employees and partners.

Although interest expenses were lower, the net finance cost was higher due to foreign exchange losses arising from a higher cost of meeting obligations to overseas partners.

“In spite of these challenges, our business continues to build momentum and deliver consistently profitable growth even in the context of a very challenging operating environment.

“Our best-in-class portfolio of brands provides a unique platform that positions us well to lead and grow the beer and malt category and drive superior long-term value creation,” he said.

Agbebaku also expressed NB’s commitment to continuously evaluate its financial position and business performance to ensure a strong balance sheet, while remaining dynamic in its response to operational challenges vis-à-vis the economy.

“In line with our certification and status as a great place to work company, we would also continue to prioritise the health, safety, and welfare of employees and partners,” he said.

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