The management of Nigerian Breweries Plc assured that it would deliver good returns on investment at the full year by the end of December, despite the nation’s challenging operating environment in the first six months, according to the unaudited financials presented for the year period ended June 30, 2019
A statement by Sade Morgan, its Corporate Affairs Director, noted the impact of another increase in the Excise Duty rate with effect from the beginning of June 2019, but expressed the management’s confidence NB “has the right long-term strategy that will continue to deliver a good return on investment to its shareholders.”
Commenting on the half-year score-card, she said the unaudited and provisional results filed with the Nigerian Stock Exchange, showed revenue of ₦170.2bn for the period under review, of which Profit after Tax stood at ₦13.3bn.
This performance, Morgan added, was despite the impact of the increase in Excise Duty cost and other costs due to inflation, adding that the management’s “focus on cost initiatives helped the company to return an Operating Profit of ₦24.5bn and a Profit after Tax of N13.3bn for the period.”