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Nigerian Breweries Posts N10.454 Profit

By Ololade Julianah, Lagos.

In a sign that 2016 financial may be more rewarding to shareholders, leading brewers, Nigerian Breweries, on Wednesday informed the management of the Nigerian Stock Exchange (NSE), in its first quarter unaudited financial results ended March 31, 2014, that its profit after tax rose from N10.102 billion in the comparable period of 2015 to N10.454 billion, representing an improvement of N348 million or 3.48 per cent.

Revenue for the period stood at N77.554 billion from N69.921 billion in 2015, cost of sales rose from N36.005 billion to N40.273 billion, gross profit grew from N33.915 billion to N37.281 billion, other income went up from N129.125 million to N143.570 million, results from operating activities stood at N17.993 billion from N16.367 billion, while profit before tax jumped from N14.438 billion to N15.007 billion.

Init full year 2015 financial result, the brewer reported a turnover of N293.9 billion from N266.3billion made in 2014, but the gains in volume was wiped out by the high cost of sales, which increased to N151 billion, from N130.7 billion.

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Profit before tax for that period also slumped to N54.5 billion, from N61.4billion in 2014, while profit after tax saw a similar drop. It fell to N38 billion, from N42.5 billion.

However, the company in its 2015 full year results declared a final 360 kobo dividend to its shareholders after it had earlier paid an interim dividend of 120 kobo, bringing the total dividend for the year under review to 480 kobo better than the N4.75 paid for 2014 results.

The dividend is payable on 12 May to all shareholders on the company’s register as at 9 March this year. The mixed result by the company, sufficiently, excited the Nigerian Stock Exchange, with the company’s share rising to N100 from N97 on Wednesday.