Nigerian Breweries Plc has made revenue of N83.2 billion for the first quarter of 2020, a marginal decline of 0.09 per cent when compared to the preceding year’s revenue.
According to the unaudited and provisional results filed at The Nigerian Stock Exchange, the Company also made a Profit after Tax of N5.5 billion during the period.
An analysis of the results shows that the N83.2 billion Net Revenue is a 0.09 per cent drop from the N83.3 billion recorded in the corresponding period in 2019. The Q1 2020 Profit after Tax is lower than the N8 billion recorded in the same period in 2019, signifying a 31 per cent decline.
Further analysis of the results shows that Cost of Sales increased by 0.23 per cent from N48.2 billion in 2019 to N48.3 billion in the period under review. Marketing, Distribution and Administrative Expenses also grew by 13.9 per cent from N21 billion in 2019 to N24 billion in 2020.
The statement, signed by the Company Secretary/Legal Director, Uaboi Agbebaku notes that the COVID-19 crisis continues to impact businesses, with the effect expected to be more pronounced in future.
The statement added that while it is not possible to determine the financial impact of the COVID-19 crisis because of lack of visibility on its end date, the company has a strong balance sheet and its board and management remain focused on mitigating the impact of the pandemic on its operations.
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