Nigerian Breweries posts N11.94bn profit in six months

Nigerian Breweries Plc has reported a profit before tax of N11.94 billion for the first half of the 2021 financial year, compared to N8.35 billion in the same period of last year.

The company’s net revenue increased to N209.26 billion from N151.81 billion, according to its unaudited financial statements obtained by Markets Reporters on Friday.

Its profit after tax rose by 38.1 percent to N7.72 billion from N5.59 billion.

Nigerian Breweries said the impact of COVID-19 pandemic on the economy and, by implication, the company continued during the period under review.

It said, “Our priority remained protecting the health, safety and welfare of employees, customers and partners. We regularly monitored and evaluated the company’s financial position and performance in the light of the pandemic; our balance sheet remained strong.

“The focus of the board and management remained the mitigation of the impact of the pandemic on the business.”