Brewing giant, Nigerian Breweries Plc, has declared a 27.72% decline in its profit after tax (PAT) in the first half of this year, closing at N13.3 billion against N18.4 billion in the first 6 months of 2018. In the same vein, profit before tax significantly depreciated to N19.4 bn in H1 2019, from N27.6 bn.

Finance costs increased to N5.3 bn from N4.3 bn, while finance income declined to N198.5 mn from N219.7 mn, leaving net finance costs at N5.1 bn in the period under review, compared with N4.1 bn in same period of last year. Further look at the top line showed that net revenue generated went down to N170.2 bn in H1 2019 versus N172.7 bn.

Cost of sales increased to N98.5 bn from N96.6 bn, cutting gross profit to N71.7 bn from N76.1 bn. Other income dropped to N422.5 mn from N430.7 mn, while administrative expenses reduced to N9.5 bn from N10.3 bn. For marketing and distribution expenses, a total of N38.2 bn was used in H1 2019 compared with N34.6 bn in H1 2018, indicating an increased by 10.41%.

In the period under review, earnings per share (EPS) went down to N1.66 from N2.30 in the same period of last year.

SOURCE (abridged): https://businesspost.ng/2019/07/30/2019-h1-nigerian-breweries-suffers-27-7-reduction-in-net-profit/

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