Nigerian Breweries profit more than halves amid COVID-19
Nigerian Breweries Plc has reported a 53.3 percent decline in its profit after tax for the 2020 financial year as COVID-19
The company saw its after-tax profit fall to N7.53 billion last year from N16.11 billion in 2019, its annual report and accounts obtained by Markets Reporters showed.
Its profit before tax dropped by 49.8 percent year-on-year to N11.71 billion from N23.33 billion.
The brewing company, however, recorded a 4.5 per cent increase in net revenue, from N323 billion in 2019 to N337.01 billion in 2020.
“In 2020, the performance of the company was adversely affected by a challenging operating environment including the COVID-19 pandemic with impact on health and the economy,” it said.
Nigerian Breweries said given the prevalence of the pandemic, it experienced unprecedented disruptions to its business operations.
“It required that we remained resilient and innovative with our company philosophy of ‘Winning with Nigeria’. During the lockdown restrictions, we made a commitment to stand with Nigeria and supported efforts to combat further spread of the corona virus.”
The company said it made a donation of N620 million in form of financial support, provision of relief materials, medical supplies, food items, logistics support, and regular supply of our non-alcoholic brands to support the nourishment needs for health workers.
“These donations were made to the Federal and State Governments, the Nigerian Centre for Disease Control, vulnerable groups within our host community and relevant industry partners,” it added.
