Nigerian Breweries announces ₦18bn profit in first-half 2018
Nigerian Breweries Plc has announced a profit after tax of ₦18 billion for the first half of 2018.
According to the unaudited financial results released to the Nigerian Stock Exchange, the N18bn represents a 22 per cent decrease over the ₦24 billion recorded in the corresponding period in 2017.
The company’s revenue dipped by five per cent to ₦173 billion from ₦181 billion in the first half of 2017.
According to a statement, results from operating activities declined by 20 per cent to ₦32bn in the first half of 2018 from ₦39 billion in the same period in 2017, while profit before tax dropped by 19 per cent to ₦28 billion from ₦34 billion in 2017.
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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