Nigerian Breweries Plc has reported a 26 per cent growth in revenue and 4 per cent increase in profit after tax for the period ended 31 December 2022.
Income statement
- Revenue increased to N550.64 billion in 2022 from N437.29 billion in 2021.
- Gross profit jumped 31 per cent to N213.33 billion in 2022 from N160.32 billion in 2021.
- The company’s operating profit rose by 25 per cent to N51.76 billion in 2022 from N41.49 billion in 2021.
- The profit before tax however, dropped by 27 per cent to N17.34 billion in 2022 from N23.70 billion in 2021 due to N26 34 billion net loss on foreign exchange transactions in 2022 against N7.04 billion loss recorded in 2021.
- Similarly, the income tax expense declined to N4.15 billion in 2022 from N11.03 billion in 2021. This decline led to a slight increase in the profit after tax for the period.
- The profit for the period rose by 4 per cent to N13.19 billion in 2022 from N12.77 billion in 2021.
- The earnings per share stood at N1.58 in 2022 against N1.57 reported in 2021.
The Board of directors of the company proposed a final dividend of N1.03 per 50kobo ordinary share subject to shareholders approval at the forthcoming Annual General Meeting on 26th April, 2023.
The final dividend amounts to N10,584,416,349 (ten billion, five hundred and eighty four million, four hundred and sixteen thousand, three hundred and forty nine naira only).
Balance sheet
Total assets increased to N619.89 billion as at December 31, 2022 from N485.52 billion as at December 31, 2021.
Major components of the company assets:
- Property, plant and equipment: N358.97 billion (N257.22 billion in 2021)
- Inventories: N83.52 billion ( N62.19 billion in 2021).
Total liabilities rose to N439.97 billion in 2022 from N313.61 billion in 2021.
Major components of liabilities:
- Trade and other payables: N264.09 billion (N226.41 billion in 2021).
- Non-current loans and borrowings: N119.82 billion (N23.89 billion in 2021).
Total equity increased to N179.91 billion in 2022 from N171.91 billion 2021.
Major components of equity:
- Retained earnings: N90.77 billion (N91.85 billion in 2021).
- Share premium: N82.94 billion (N82.94 billion in 2021),
Cash flow:
- Net cash of N22.53 billion was generated from operating activities in 2022, down from N91.62 billion generated in 2021.
- Net cash of N99.26 billion was used in investing activities in 2022, up from N61.01 billion used in 2021.
- Net cash of N82.06 billion was generated from financing activities, against N5=44.10 billion used in 2021.
At the close of business on Friday, the equity price of Nigerian Breweries Plc declined by 1.19% to close at N41.5 per share.
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.