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NBPlc Profit Despite COVID-19 Impact, Recession, Shows Resilience- CEO

Chief Executive Officer of Nigerian Breweries Plc, Jordi Borrut Bel, on Wednesday assured of the company’s strength, health, and resilience, which it remained improved performance for the just-ended financial year, despite operating challenges arising from the outbreak of the novel Coronavirus pandemic COVID-19 that affected businesses generally during the financial year-end December 2020.

Addressing a Pre- Annual General Meeting media briefing in Lagos on Wednesday, he said the company’s performance during the year becomes more impressive, when viewed from the fact that the Nigerian economy slipped into an economic recession during the year under review in the face of the COVID-19 pandemic.

A better appreciation of the company’s strength an resilience during the period also, Borrut Bel continued, is the situation where it emerged as the only brewer in the country to record a profit in the difficult year.

Specifically, he explained that while marketing and distribution expenses experienced a dip from N77.7bn in 2019 to 70.7bn, administrative expenses reduced marginally by 1.79% from N19.3bn to N18.96bn, which was largely informed by the elimination of bad costs. 

He attributed the improved performance for the year largely to the massive reduction in both Administrative, Marketing and Distribution expenses relative to the previous year, just as he assured stakeholders that NB Plc remains committed to ensuring that the health, safety and welfare of its employees, customers and partners are protected.

“Though there was a slight reduction in profitability compared to the previous year, the business witnessed an improved growth in revenue. The significance of this is that business became more stable and healthier,” he stressed. 

According to the results, NB Plc recorded a net revenue of N337.01bn for the 2020 financial year, as against N323bn in 2019, from which it delivered a profit of N7.52bn, with directors of the foremost brewer recommending a total dividend of N7.71bn.

This amounted to a total dividend of N0.94 per share of 50kobo each, represents a 100% payout, for approval by shareholders at its forthcoming AGM, which according to the Managing Director is a demonstration of its strong performance for the financial year-end 2020.

Photo caption: From left: Marketing Director, Nigerian Breweries Plc, Emmanuel Oriakhi; Reporting and Accounting Manager, NB Plc, Marcus Alves; Corporate Affairs Director, NB Plc, Sade Morgan and Company Secretary/Legal Director, NB Plc, Uaboi Agbebaku during the Pre-Annual General Meeting media briefing in Lagos on Wednesday.

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