Nigerian Breweries records N309.22bn revenue in 9 months

Nigerian Breweries Plc has posted N309.22 billion in revenue for the nine months ended September 30.

The Company Secretary/Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku, said this in a statement on Monday.

The revenue represents an increase of 32.13 per cent compared to N234.02 billion recorded in the corresponding period in 2020.

A breakdown of the audited result showed that profit for the financial year also grew to N8.47 billion from N7.1 billion, representing a 19.21 per cent rise.

Cost of Sales rose by 37.91 per cent to N198.74 billion from N144.1 billion achieved in the same period of 2020.

Similarly, marketing, distribution, and administration expenses grew by 27.20 per cent to N86.32 billion from N67.86 billion recorded in the same period of 2020.

The board of directors of the company has approved an interim dividend of N3.23 billion payable to shareholders at 40k each per ordinary share of 40k.

Agbebaku stated that the company remained committed to its strategy to deliver improved growth and remained dynamic in its response to challenges confronting the business as well as that of the economy, particularly in the face of COVID-19 pandemic.

He also explained that the company would continue to deploy cost-efficient measures to keep the balance sheet strong and healthy.

He said the company would ensure that the health, safety and welfare of its employees, customers and partners were protected.