Nigerian Breweries : Earning Release Q3 2023 Final
October 26, 2023 at 03:16 pm EDT
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UNAUDITED AND PROVISIONAL RESULTS FOR THE THIRD QUARTER (NINE
MONTHS) ENDED 30TH SEPTEMBER 2023
The Board of Directors ("the Board") of Nigerian Breweries Plc ("the Company") hereby announces the following Unaudited and Provisional Results for the Third Quarter (nine months) ended 30th September 2023:
Income Statement
Group*
Company
Group*
Company
Group
Company
30/09/2023
30/09/2023
30/09/2022
30/09/2022
Change
Change
₦'million
₦'million
₦'million
₦'million
%
%
Revenue
401,801
401,693
393,449
393,336
2.1
2.1
Cost of Sales
(249,241)
(249,241)
(238,919)
(238,919)
(4.3)
(4.3)
Gross Profit
152,560
152,452
154,530
154,417
(1.3)
(1.3)
Marketing, Distribution &
Admin. Expenses
(127,254)
(126,775)
(121,649)
(120,951)
(4.6)
(4.8)
Other Income
1,954
1,954
2,506
2,484
(22.0)
(21.4)
Results from
Operating Activities
27,259
27,630
35,387
35,950
(23.0)
(23.1)
Net Finance Income
(105,423)
(105,423)
(16,295)
(16,342)
(547.0)
(545.1)
Profit/(loss) Before
Tax
(78,163)
(77,793)
19,093
19,608
(509.4)
(496.7)
Income Tax
20,969
20,969
(4,337)
(4,350)
583.4
582.0
Profit/(loss) After Tax
(57,195)
(56,824)
14,755
15,258
(487.6)
(472.4)
Profit/(loss) for the
period attributable to:
Equity Owners
(57,195)
(56,824)
14,751
15,258
(487.7)
(472.4)
Non-Controlling Interest
-
5
(100.0)
Profit/(loss) for the
Period
(57,195)
(56,824)
14,755
15,258
(487.6)
(472.4)
Basic Earnings Per
Share (kobo)
(689)
(685)
182
189
(478.6)
(462.4)
Fully Diluted Earning
P/Share (kobo)
(689)
(685)
182
189
(478.6)
(462.4)
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:
Overall, volumes declined in the period under review due to continued high pressure on disposable income and the socio-political challenges in various parts of the country. However, flavoured beer volume increased led by Desperados.
Revenue increased by a low-single digit percentage driven by pricing to mitigate inflation. The operating profit was impacted by the lower volumes, higher input costs influenced by inflation
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).
and devaluation of the naira, and a one-off restructuring cost. Pricing and significant cost savings initiatives were not enough to fully mitigate rising input costs.
A combination of foreign exchange losses due to the devaluation of the naira and higher interest costs resulted in a net loss during the period.
Dated the 25th day of October 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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Disclaimer
NB - Nigerian Breweries plc published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2023 19:15:47 UTC.
Nigerian Breweries Plc is a leading Nigerian beer producer. The group's activity is organized around two families of products:
- beer: Star, Gulder, Legend, Heineken and Amstel Malta brands;
- non-alcoholic malt beverages: Fayrouz and Maltina brands.
At the end of 2021, the group had 9 breweries and 2 malting plants located in Nigeria.
Nigeria accounts for 99.9% of net sales.
NIGERIAN BREWERIES PLC 
