The Nigerian Breweries Plc reported a total revenue of N274.03 billion for the first half (H1) of the 2022 fiscal year, which ended on June 30. Additionally, the business reported N19.08 billion in Profit After Tax (PAT) for the same period.
The company’s revenue increased by 31% compared to the N209.22 billion generated in a similar period in 2021, per the unaudited report and preliminary results submitted with The Nigerian Exchange Limited.
The findings also showed a 14.8% increase in Profit After Tax for the six months under review, from N7.86 billion to N19.08 billion. In a similar vein, basic earnings per share in H1 2022 were 237 kobos as opposed to 97 kobos in H1 last year.
The business’s gain in profit, according to a statement signed by Uaboi Agbebaku, the legal director and company secretary, was mostly attributed to top-line growth brought on by its pricing strategy and improved mix.
Further examination of the data showed that, during the same equivalent time, the Cost of Sales climbed by 18.3%, from N131.34 billion in H1 2021 to N155.35 billion in 2022.
Additionally, expenses for marketing, distribution, and administration increased by 44.6%, from N58.42 billion in H1 2021 to N84.45 billion in H1 2022, due to an increase in commercial activity following COVID, an increase in diesel prices and higher wages brought on by collective bargaining agreements.
Uaboi also noted that although interest expenses were lower, the net finance cost was higher due to foreign exchange losses arising from a higher cost of meeting foreign obligations to overseas partners.
“Despite these challenges, our business continues to build momentum and deliver consistent profitable growth even in the context of a very challenging operating environment.
“Our best-in-class portfolio of brands provides a unique platform that positions us well to lead and grow the beer and malt category and drive superior long-term value creation,” the statement added.
The company, therefore, assured its stakeholders that it would continuously evaluate its financial position and business performance to ensure a strong balance sheet while remaining dynamic in its response to operational challenges vis-à-vis the economy.
 of the 2022 fiscal year, which ended on June 30, at N274.03...){kind=link}