Nigerian Breweries records N550.638bn revenue

Nigerian Breweries Plc has recorded revenue of N550.638 billion for the financial year ended December 31, 2022.

The amount represents an increase of 25.02 per cent compared with N437.285 billion recorded in the corresponding period of last year.

The company financial result submitted at the NGX showed that cost of sale rose by 21.83 per cent from N276.872 billion in the comparative period to N337.310 billion.

Gross profit also increased 52.914 billion or 32.99 per cent to N213.327 billion from N160.413 billion posted in the preceding period of 2021.

An analysis of the company result showed that market and distribution expenses went to N135.830 billion from N98.358 billion, representing a growth of 38.10 per cent .

Administration expenses rose by 7.29 per cent to N28.153 billion from N26.241 billion, while profit from operating activities up from N41.494 billion to N51.756 billion indicating a surge of 24.73 per cent.

Finance income went up to N349 million from N314 million with a gain of 1.38 per cent, finance cost grew by 92 per cent to N34.765 billion from N18.107 billion while net finance cost rose by 93.43 per cent to N34.415 billion from N17.793 billion in the comparative period of last year.

The company’s profit before tax down by 26.84 per cent to N17.340 billion from N23.701 billion achieved in the corresponding year. The company paid tax of N4.154 billion from N11.029 billion in the preceding year, bringing profit after tax to N13.189 billion against N12.671 billion recorded in the 2021 financial year.

Total assets grew to N619.888 billion from N485.522 billion, representing a surge of 27.67 per cent