The Nigerian Breweries Plc. has recorded a decline in profit after tax, from N24billion to N18billion in the six months ending June 30, 2018.
An analysis of the company’s unaudited financial results filed to the Nigerian Stock Exchange (NSE) indicated a 5 per cent dip in revenue from N181billion in the same period in 2017 to N173billion in the comparative period of
2018.
However, results from operating activities declined by 20 per cent from N39billion in 2017 to N32billion in the corresponding months of 2018, just as Profit before Tax also dropped by 19 per cent from N34billion in 2017 to N28billion in the period under review.
In the filing statement signed by the Company Secretary/Legal Adviser, Mr. Uaboi Agbebaku, the company stated that the excise duty regime and higher rate of beer introduced by the Federal Government in June 2018 further impacted negatively on affordability in the period under
review.
