Nigerian Breweries owe profit increase to Easter

Nigerian Breweries owe profit increase to Easter

Nigerian Breweries on Tuesday announced it recorded an increase in its profit after tax in the first quarter of 2016, partly owing the gain to Easter festivities.

Beer is packed with nutrition – Prof of Nutrition

In the unaudited and provisional results released to The Nigerian Stock Exchange by the brewery company, it recorded N10.45 billion profit after tax in the first quarter of 2016, a 4 percent increase over the N10.10 billion declared in the corresponding period in 2015.

The company’s revenue for the period grew by 11 per cent from N69.92 billion in 2015 to N77.55 billion in the current period.

A further analysis shows that the results from Operating Activities improved by 10 percent from N16.37 billion in the first three months of 2015 to N17.99 in the corresponding months in 2016.

In a statement by the Nigerian Breweries Board of the Directors, it was revealed that the 11% growth in revenue was a reflection of the company’s strong and effective route to market, increased sales during the festive Easter period as well as higher number of sales days in the period as against the lower number of days recorded in the corresponding period of 2015 due to the general elections.

According to the statement, despite the current challenging operating environment leading to consumer down-trading, rising inflation, increased cost of financing due to higher foreign exchange cost and increased input cost amongst others, the company was still able to return the 4% increase in Profit after Tax.

The increase in profit was also helped by the one-off merger costs incurred in the first quarter of 2015.

The statement signed by the Company Secretary/Legal Adviser, Mr. UaboiAgbebaku, further said although the Board expects the operating environment in 2016 to continue to be very challenging, it remains confident that the Company is in a good position to take advantage of any upswing in the market especially with its twin agenda of Cost Leadership and Market Leadership supported by innovation


Tags assigned to this article:
Nigerian Breweries

Related Articles

PRIMARY 5 PUPIL ACCUSES HER 57 YRS OLD FATHER OF HAVING SEX WITH HER

Emotion ran high, Monday, at the Bar Beach Police Division, following revelation by a Primary 5 pupil of how her

Two Ecobank staff arraigned over N30m theft

Two officials of Ecobank Nigeria Plc, Tiamiyu Lukman (48) and Shogaolu Sheriff (30) were on Monday arraigned before an Igbosere

CORPORAL SHOOTS ASP DEAD DURING ARGUMENT AT STATION OVER MISTRESS

When on April 6, 2013, Jane and Olusoji Elegbede (pictured above) got married in Lagos State, their joy knew no


x

Other Interesting Posts

Illegal oil export: Court accuses FG of unseriousness
A Federal high Court in Lagos on Monday accused the Federal Government of frustrating hearing of the suit it instituted against Chevron Nigeria L...
N3.8bn money laundering: Fani-Kayode's change of counsel stalls trial
Hearing in a criminal suit filed by the Economic and Financial Crimes Commission (EFCC) against former Minister of Aviation, Femi Fani-Kayode, ov...
Ex- Rep member, lawyer docked over alleged stealing
Former member of the House of Representative, Nze Chidi Duru and a lawyer, Smart Iheazor were on Monday arraigned before a Tinubu Chief Magistrat...
powered by RelatedPosts