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Nigerian Breweries records N277bn revenue for First Quarter of 2023

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Nigerian Breweries Plc has announced a revenue of N277 billion for the half year ended June 30, 2023.

The company made the disclosure in an unaudited and provisional results for the period signed by its Secretary, Uaboi Agbebaku, on Saturday in Lagos.

The revenue was higher when compared with N274.03 billion posted in the first half of 2022.

Mr. Agbebaku said the half-year results were majorly impacted by the devaluation of the naira which led to revaluation of foreign exchange obligations and higher input costs.

Other factors, he said, were the effect of petroleum subsidy removal on consumers, a one-off redundancy exercise cost and the impact of the cash crunch that hit the country in the first quarter of the year.

Mr. Agbebaku said the company recorded an escalated loss after tax of N47 billion during the period under review.

He explained that in spite of the impact of these challenges, the company recorded over 100 per cent increase in its second quarter operating profit versus the corresponding period in 2022.

This, he said, was driven mainly by pricing, focus on premium products, as well as strong and effective management of cost by the company.

“The second quarter operating profit was also an improvement on the first quarter, 2023 operating profit.

“In spite of the current impact of the policy reforms of the Federal Government, the company is optimistic that the reforms would be beneficial in the long term for the company and the country as a whole.

“The Board reiterated its commitment to creating long term sustainable value for the company’ shareholders,” he said.

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