Nigerian Breweries Plc announced an increase in sales of N393.34 billion for the third quarter ended September 30, 2022.
The result represents a 27.2 percent rise over the N309.22 billion registered in the same time in 2021, according to the company.
Uaboi Agbebaku, Secretary/Legal Director, Nigerian Breweries Plc, stated in a statement that revenue growth in the quarter was offset by higher input prices resulting from an increased rate of inflation and higher energy expenses.
“Analysis of the figures indicated that cost of sales increased considerably by 20.2 percent from N198.75 billion in 2021 to N238.92 billion during the period under review in 2022,” it said.
“Marketing, distribution, and administration expenses also grew by 40.1 per cent from N86.33bn in 2021 to N120.95bn in 2022.
“Apart from volume and cost challenges which affected business performance negatively in Q3,2022, there was increased pressure on consumer disposable income as well as heavy rains and flooding.
“Nevertheless, the company performed relatively well in the period led by a strong premium portfolio of Heineken, Tiger and Desperados.
“Despite the volume and cost challenges in the third quarter, the strong performance recorded in the first half of the year ensured that operating profit grew by 44 per cent while profit after tax went up 80 per cent.”
The statement added, “The board has therefore announced an interim dividend of N3.29bn payable to shareholders at 40 kobo each per ordinary share of 50k.
“While being cautious about the development of input costs and consumer demand in the remaining period of 2022, the statement assured stakeholders that the company is well positioned to take advantage of any upswing in the market and maintain its leadership position.”
