Nigerian Breweries Posts 10.5% Drop in Profit

Giant Brewer, Nigerian Breweries Plc has posted 10.50 per cent drop in profit after tax for the financial year ended December 31, 2015.

The brewer posted a profit after tax of N38.06 billion against, N42.52 billion achieved in the corresponding period of 2014. The report is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) in Lagos, on Thursday, February 11.

Further breakdown of the company’s result indicated that profit before tax dipped by 11.30 per cent to N54.514 billion from N61.461 billion reported in 2014.

Its turnover appreciated by 10.30 per cent to N293.91 billion compared with N266.37 billion achieved in 2014. Also, non-current liabilities dipped to N43.82 billion in contrast with N63.24 billion in 2014, while net assets increased to N172.321 billion from N171.964 billion in the previous year.

NB’s total non-current assets leaped to N302.91 billion from N296.51 billion, while total current liabilities grew to N140.08 billion from N114.03 recorded in the preceding year.