Nigerian Breweries Plc Posts N18bn Profit In H1 2018

Nigerian Breweries Plc has announced a Profit after Tax of N18 billion for the first half of 2018, according to the unaudited financial results released to the Nigerian Stock Exchange.

Kufre U. Ekanem, Corporate Affairs Adviser, NB Plc stated that the N18 billion represents a 22 per cent decrease over the N24 billion recorded in the corresponding period in 2017.

A look into the company’s financial report indicated that Nigerian Breweries revenue dipped by five per cent from N181 billion in the same period in 2017 to N173 billion in the current period.

In the filing statement signed by the Company Secretary/Legal Adviser, Mr Uaboi Agbebaku, the Company stated that the new excise duty regime and the higher rate of beer introduced by the Federal Government in June 2018 further impacted on affordability in the period under review.