NIGERIAN BREWERIES PLC UNAUDITED AND PROVISIONAL RESULTS FOR THE HALF YEAR (SIX MONTHS) ENDED 30TH
JUNE, 2023
The Board of Directors ("the Board") of Nigerian Breweries Plc ("the Company") hereby announces the following Unaudited and Provisional Results for the Half Year (six months) ended 30th June, 2023:
Income Statement | Group* | Company | Group* | Company | Group | Company | |
30/06/2023 | 30/06/2023 | 30/06/2022 | 30/06/2022 | Change | Change | ||
₦'million | ₦'million | ₦'million | ₦'million | % | % | ||
Revenue | 277,419 | 277,338 | 274,085 | 274,031 | 1.2 | 1.2 | |
Cost of Sales | (165,094) | (165,094) | (155,349) | (155,349) | (6.3) | (6.3) | |
Gross Profit | 112,325 | 112,244 | 118,736 | 118,682 | (5.4) | (5.4) | |
Marketing, Distribution & | |||||||
Admin. Expenses | (85,300) | (84,963) | (84,896) | (84,446) | (0.5) | (0.6) | |
Other Income | 1,354 | 1,354 | 2,000 | 2,000 | (32.3) | (32.3) | |
Results from | |||||||
Operating Activities | 28,378 | 28,635 | 35,840 | 36,236 | (20.8) | (21.0) | |
Net Finance Income | (96,223) | (96,223) | (10,142) | (10,190) | (848.7) | (844.3) | |
Profit/(loss) Before | |||||||
Tax | (67,844) | (67,588) | 25,697 | 26,046 | (364.0) | (359.5) | |
Income Tax | 20,245 | 20,245 | (6,954) | (6,965) | 391.1 | 390.7 | |
Profit/(loss) After Tax | (47,599) | (47,342) | 18,743 | 19,081 | (354.0) | (348.1) | |
Profit/(loss) for the | |||||||
period attributable to: | |||||||
Equity Owners | (47,599) | (47,342) | 18,737 | 19,081 | (354.0) | (348.1) | |
Non-Controlling Interest | - | 6 | |||||
Profit/(loss) for the | |||||||
Period | (47,599) | (47,342) | 18,743 | 19,081 | (354.0) | (348.1) | |
Basic Earnings Per | |||||||
Share (kobo) | (573) | (570) | 232 | 237 | (347.0) | (340.5) | |
Fully Diluted Earning | |||||||
P/Share (kobo) | (573) | (570) | 232 | 237 | (347.0) | (340.5) |
The detailed Financial Statements for the year are available on the Company's website, www.nbplc.com/investor-relations.
*Group results include the figures of 234 Stores Limited and Benue Bottling Company Limited, a non-functioning subsidiary of the Company.
Comments:
In the first half of the year (H1), net revenue grew by a low single-digit driven by pricing to partially mitigate inflation and by premiumisation. Premium beer volume was broadly stable while flavoured beer grew in the low thirties, led by Desperados, which more than doubled in volume versus the same period in 2022.
DIRECTORS: A. Ighodalo - Chairman; H. Essaadi (Dutch) - Managing Director/Chief Executive; Mrs. J. Anammah; Mrs. A.O. Aroyewun; S. Hiemstra (Dutch); Mrs. N.O. Nwuneli, MFR; Mrs. I.M. Omoigui Okauru, MFR; R. Pirmez (Belgian); I.A. Puri; B.A. Wessels Boer (Dutch); Mrs. Y. Yedikardesler (Turkish).
The 2nd Quarter of 2023 was significantly impacted by various factors including the effect of fuel subsidy removal on consumers, naira devaluation and its effect on input cost, and mostly the revaluation of foreign exchange obligations. Together with the cash crunch which materially impacted the 1st quarter, the Company's net loss was escalated in H1. Despite these challenges, we see a positive trend in the results from operating activities (operating profit) which improved by more than 100% in the 2nd quarter versus the same quarter in 2022, driven by pricing, premiumisation, and strong cost management.
Although the recent policy reforms are having a short-term impact on businesses and consumers, we believe they are beneficial to the long-term growth prospects of the country and the Company. The Board remains committed to creating long-term sustainable value for our Shareholders.
Dated the 28th day of July 2023.
By Order of the Board.
Uaboi G. AGBEBAKU, Esq.
Company Secretary
FRC/2013/NBA/00000001003
Iganmu House, Abebe Village Road
Iganmu, Lagos, Nigeria
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NB - Nigerian Breweries plc published this content on 28 July 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 July 2023 12:58:05 UTC.
