Nigerian Breweries Announces N309.22 Billion Revenue, Approves N3.23 Billion Interim Payment
Nigerian Breweries Plc, the foremost brewer and leading beverage company in Nigeria has announced its figures for the 3rd quarter of 2021, delivering N309.22 billion in revenues for the third quarter of the 2021 financial year. The revenue represents an increase of 32.1% from N234.02billion recorded in the corresponding period in 2020.
Further breakdown of the audited result showed that profit for the company in the third quarter of the financial year also grew from N7.1billion to 8.47billion, representing a 20.1% rise.
Cost of Sales rose significantly by 37.9% from N144.1Billion in 2020 to N198.74billion in the period under review in 2021, while Marketing, Distribution, and Administration Expenses also grew by 27,2% from N67.86Billion in 2020 to N86.32Billon in 2021.
The board of directors of the company has approved an interim dividend of N3.23billion payable to shareholders at 40kobo each per ordinary share of 40k.
A statement signed by the Company Secretary/Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku revealed that the company remains committed to its strategy to deliver improved growth as it continues to monitor the business environment and remain dynamic in its response to challenges confronting the business as well as that of the economy, particularly in the face of COVID-19 pandemic.
Agbebaku explained that the company would continue to deploy cost-efficient measures to keep the balance sheet strong and healthy while ensuring that the health, safety and welfare of its employees, customers and partners are protected.