Nigerian Breweries Plc has recorded N81.88 billion gross profit in the first quarter of 2024.

This represented 87 per cent increase when compared with N43.88 billion posted in the first quarter of the previous year which ended on March 31, 2023.

The company disclosed this in its unaudited condensed interim financial statements sent to the Nigerian Exchange Limited on Friday, April 26, 2024.

The company’s assets also rose by eight per cent to N856.79 billion as of March 31, compared to N795.87 billion posted the same period in 2023.

Its total equity for the quarter under review dropped by 82.3 per cent to N11.41 billion, in contrast to N63.28 billion recorded as of December 31, 2023.

The Nigerian Breweries’ total liability as of the quarter which ended on March 31 advanced by 15.42 per cent, to N845.38 billion, compared to N732.59 billion posted for the year which ended on December 31, 2023.

However, Nigerian Breweries recorded a loss after tax of N52.089 billion for the first quarter, indicating 386.13 per cent increase, compared to N10.715 billion posted in the same quarter in 2023.

Nigerian Breweries records N106bn loss in 2023

The company’s loss before tax for the period under review stood at N65.58 billion, representing a rise of 276 per cent, in contrast to N17.44 billion posted in the same period of the previous year.

Nigerian Breweries noted that the performance of the company was subject to seasonal fluctuations as a result of weather conditions and festivities.

It said the company’s full-year results and volumes were dependent on the performance in the peak-selling season, resulting in higher revenue and profitability in the last quarter of the year.

“The impact of seasonality is also noticeable in several working capital-related items such as inventory, trade receivables, and payables,” the company added.

Nigerian Breweries recorded a net loss of N106 billion in 2023, as against N13.93 billion posted in its 2022 financials, indicating a decline of 860 per cent.

The gross profit of the company in 2023 also fell by 0.3 per cent to N212.5 billion, compared to N213.20 billion posted in the previous year.

The operating profit of Nigerian Breweries also declined by 15.3 per cent to 45 billion, as against N53 billion recorded in the corresponding year.

However, the firm disclosed that it recorded loss in its operating profit due to higher input cost and one-off reorganisation cost despite strong and aggressive cost savings and other efficiency measures.

The Star