Nigerian Breweries Plc posts profit of N13.61 billion for Q1 2022

Nigerian Breweries Plc has released its Q1 2022 results revealing a profit of N13.61 billion. This reflects a 77.73% increase year on year.

The period in review witnessed a persistent increase in prices of goods and services, thereby resulting in inflationary pressures that affected both consumers and producers.

Despite the double-digit food inflation, the Q1 2022 profit was supported by cost management practices as production costs increased by a single-digit.

Here is a summary of its results so far;

A cursory view of the result shows that the company’s profit was driven by significant sales of the company’s reportable segments.
The performance of the Company is subject to seasonal fluctuations as a result of weather conditions and festivities.
This suggests that the festivities during the period under review pushed sales impressively high as Revenue improved by 30.37%.
In addition, the company also made money from interest on bank deposits to the tune of N73.5 million.
Also, the company made N859 million from its other income streams.
The company’s Advertising and sales expenses increased by about 96%, during the period. This suggests that the company has intensified its advertising and campaign efforts, which contributed to the impressive sales recorded during the period.
A further look at the financial results showed that the company’s long-term borrowing stood at N3.54 billion. The company’s total assets are now at N521 billion, while net assets grew 8.18% to N185.98 billion.

Nigerian Breweries Plc had declared a dividend of N1.20 kobo for FY 2021, which was paid on April 22, 2022, while Earnings per share for the Q1 2022 period is N1.69, a 74% growth from N0.96 in Q1 2021.

The company last traded at N58.85 per share and has appreciated by 17.70% from year to date. Subscribe to the Nairametrics Stock Select Newsletter to access our stock pick.

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