Nigeria’s oldest and biggest brewer, Nigerian Breweries Plc Thursday reported a 30.93% fall in its earnings for First Quarter 2020, compared to the corresponding period of 2019.
The highlights of the company’s performance are published in its unaudited and provisional results for the period under review, posted on the Nigerian Stock Exchange (NSE) today.
Net Revenue dipped by 0.09%, moving from N83.277 billion at Q1 2019 to N83.204 billion in the corresponding period of this year.
Profit Before Tax plunged to N8.275 billion at Q1 2020 from N11.458 billion, translating to a 27.46% drop.
Total Comprehensive Income for the Period shrank by 30.93% from N8.026 billion at Q1 2019 to N5.506 billion.
Earnings Per Share (EPS) similarly plummeted by 30.93% to N0.69 from N1 at Q1 2019.
On the expenditure side, Nigerian Breweries’ Marketing, Distribution & Admin Expenses escalated by 13.88%, jumping from N21.154 billion to N24.136 billion in between the periods.
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Its asset base as of 30 December, 2019 was about N382.504 billion and total equity in excess of N167.565 billion.
Nigerian Breweries closed trade today on the floor of the NSE at N34.50 per share.
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