Nigerian Breweries posts N18bn after-tax profit in H1
Nigerian Breweries Plc has announced a profit after tax of N18bn 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 N24bn recorded in the corresponding period in 2017.
The company’s revenue dipped by five per cent to N173bn from N181bn in the first half of 2017.
According to a statement, results from operating activities declined by 20 per cent to N32bn in the first half of 2018 from N39bn in the same period in 2017, while profit before tax dropped by 19 per cent to N28bn from N34bn 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.