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Nigerian Breweries |
Leading brewing firm, Nigerian Breweries Plc, has announced
a profit before tax of N14.7 billion for the in the first quarter ended March
31, 2014, showing an increase of 8.3 per cent over the N13.59 billion recorded
in the corresponding period of 2013.
Nigerian Breweries showed resilience in the face of
challenging operating environment and ended the Q1 with revenue of N68.97
billion, up by 6.8 per cent from N64.57 billion recorded in 2013.
Cost of sale, distribution and administrative expenses went
up. But the company was able to reduce its finance charges by 43 per cent,
decreasing from N1.592 billion to N907 million.
Consequently, Nigerian Breweries posted a profit before tax
of N14.71 billion, up from N13.58 billion in the corresponding period of 2013.
Profit after tax also rose from N9.416 billion to N10.1 billion.
Earnings per share improved from N1.25 to N1.33, raising
hope of a higher dividend pay-out at the end of the year.
The Company Secretary and Legal Adviser, Nigerian Breweries,
Mr. Uaboi Agbebaku, said in a statement barring any
unforeseen circumstance, the Board expects that the positive result recorded in
the Q1 will be sustained in the next quarter.
Nigerian Breweries had a successful 2013, recording net
profit of N43.1 billion, while the directors recommended gross dividend of N34
billion, translating into N4.50 per share.
The Managing Director/Chief Executive Officer of the company, Mr. Nicolaas Vervelde, had
explained that the company recorded a
revenue of N269 billion and profit before tax of N62.2 billion, showing an
increase of 6.3 per cent and 11.9 per cent over the N252 billion and N55.6
billion respectively recorded in 2012.
According to him, Nigerian Breweries maintained its
leadership position in the market in spite of the challenging operating in
environment in 2013.
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