Nigerian breweries reports profit after tax of N18 billion for first half of 2018
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
An analysis of the firm’s unaudited financial results released to the Nigerian Stock Exchange (NSE) indicated that the company’s revenue dipped by five per cent from N181 billion in the same period in 2017 to N173 billion in the current period.
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.
It will be recalled that President Muhammadu Buhari had approved an amendment to the excise duty rates for alcoholic beverages and tobacco with effect from June 4.
