By Modupe Gbadeyanka
Leading brewery firm, Nigerian Breweries Plc, has announced a Profit after Tax (PAT) of N18 billion for the first half of2018.
According to the unaudited financial results released to the Nigerian Stock Exchange (NSE), the N18 billion profit represents a 22 percent decrease over the N24 billion recorded in the corresponding period in 2017.
An analysis of the filing sent to the NSE indicated that the company’s revenue dipped by 5 percent from N181 billion in the same period in 2017 to N173 billion in the current period.
A further analysis of the financial scorecard showed that results from operating activities declined by 20 percent from N39 billion in 2017 to N32 billion in the corresponding months in 2018, just as Profit before Tax (PBT) also dropped by 19 percent from N34 billion in 2017 to N28 billion in the period under review.
In the filing statements signed by the Company Secretary/Legal Adviser, Mr UaboiAgbebaku, Nigerian Breweries stated that the new excise duty regime and higher rate of beer introduced by the federal government in June 2018 further impacted on affordability in the period under review.
