Nigerian Breweries Plc (NGX: NB) has reported a 27.2% increase in revenue and 79.6% rise in profit after tax for the nine months ended September 30, 2022.
Revenue increased to N389.45 billion in September 2022 from N309.22 billion in September 2021.
Gross profit increased by N39.8% to N154.53 billion from N110.54 billion in September 2021.
Marketing, Distribution & Admin. Expense jumped 40.3% to N121.65 billion from N86.69 billion in September 2021.
Operating profit rose by 43.1% to N35.39 billion from N24.74 billion in September 2021.
Finance expense increased by 35.8% to N16.29 billion from N11.32 billion in September 2021.
Profit before tax rose 49.9% to N19.09 billion from N13.41 billion in September 2021.
Nigerian Breweries Plc reported an income tax expense of N4.34 billion, 4.1% lower than the N4.72 billion paid in September 2021.
The profit after tax increased to N14.76 billion from N8.69 billion in 2021.
Earnings per share rose to N1.82 from N1.07 in September 2021.
The Board of Directors announced the approval of an interim dividend of N3,288,362,361 (three billion, two hundred and eighty eight million, three hundred and sixty two thousand, three hundred and sixty one naira only), that is, forty (40) kobo per ordinary share of 50 kobo in the share capital of the Company.
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Nigerian Breweries Plc total assets rose to N556.22 billion as at September 30, 2022 from N485.52 billion as at December 31, 2021.
Major components of the assets:
- Property, plant and equipment: N292.2 billion (N257.22 billion in 2021)
- Inventories: N94.35 billion (N62.19 billion in 2021)
- Intangible assets and goodwill: N93.37 billion (N94.3 billion in 2021)
Total liabilities rose to N371.79 billion as at September 30, 2022 from N313.61 billion as at December 31, 2021, mainly due to increase in long term loans and borrowings to N108.13 billion from N24.54 billion as at December 2021.
The largest component of the company’s liabilities is the trade and other payables, which declined to N206.13 billion from N226.42 billion in December 2021.
Total equity attributable to owners of the company increased to N184.31 billion as at September 30, 2022 from N171.91 billion in 2021.
Net cash of N2.69 billion was generated from operating activities in September 2022, significantly down from the N61.13 billion generated in September 2021.
Net cash used in investing activities increased to N52.30 billion in September 2022 from N25.60 billion in September 2021.
Net cash of N77.12 billion was generated from financing activities against N23.93 billion used in September 2021.
About Nigerian Breweries Plc
Nigerian Breweries Plc, a public company quoted on The Nigerian Exchange Limited, was incorporated in Nigeria on the 16th November 1946, under the name, Nigerian Brewery Limited. The name was changed on 7th January 1957, to Nigerian Breweries Limited and thereafter to Nigerian Breweries Plc in 1990 when the Companies and Allied Matters Act of that year came into effect.
The Company is a subsidiary of Heineken N.V., a company domiciled in the Netherlands, the latter having a 56.33% interest in the equity of Nigerian Breweries Plc. The address of the Company’s registered office is 1, Abebe Village Road, Iganmu, Lagos.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.