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Market Digest Nigeria

Business

NB post revenue of N309.22b in Q3

Nigerian Breweries (NB) Plc has posted revenue of N309.22 billion in its third quarter operations as against N234.02 billion recorded in the corresponding period of 2020

NB

Specifically, the company’s (NB) performance for the third quarter that ended in September 31, 2021 showed 32.1 per cent increase in revenue from N234.02 billion to N309.22 billion.

Further breakdown of the performance showed that profit for the company also grew from N7.1 billion to N8.47 billion, representing an increase of 20.1 per cent.

The company’s cost of sales rose by 37.9 per cent from N144.1 billion in 2020 to N198.74 billion while marketing, distribution, and administration expenses also grew by 27.2 per cent from N67.86 billion in 2020 to N86.32 billion in 2021.

Based on the improved performance, the directors of the company are recommending an interim dividend of N3.23 billion culminating to 40 kobo per share due to every investor of the company.

In a statement signed by the Company Secretary/Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku, the company assured that it is committed to the strategy of delivering sustained growth as it continues to monitor the business environment.

It also pledged to remain dynamic in its response to challenges confronting the business as well as that of the economy, particularly in the face of COVID-19 pandemic.

The company stated that it would continue to deploy cost-efficient measures to keep the balance sheet strong and healthy while ensuring that the health, safety and welfare of its employees, customers and partners are protected.

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