Nigerian Breweries Plc’s has posted a profit after tax of N18 billion for the half year ended June 30, 2018. This is a decline of 22 per cent when compared to N24 billion recorded in the corresponding period of 2017
Similarly, operating activities declined by 20 per cent from N39 billion in 2017 to N32 billion in the corresponding months in 2018, just as Profit before Tax also dropped by 19 per cent from N34 billion in 2017 to N28 billion in the period under review.
In the filing statement signed by the Company Secretary/Legal Adviser, Mr. Uaboi Agbebaku, the company 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.
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