The Board of Directors of Nigerian Breweries Plc has declared a profit after tax of N11.44 billion for the first quarter of 2017.

The unaudited and provisional results sent to The Nigerian Stock Exchange shows that the amount represents a 9 per cent increase over the N10.45 billion recorded in the same period in 2016. According  to  the  results,  the  Company posted  a  revenue  of  N91.29  billion  for  the period, signifying an 18 per cent increase over the N77.55 billion achieved in 2016. The results from operating activities improved by 7 per cent from N17.99 billion in the first  quarter  of  2016  to  N19.20  billion  in  the  corresponding  period  in  2017.  Profit before tax grew by 16 per cent from N14.99 billion in 2016 to N17.43 billion in the current period.

The statement signed by the Company Secretary/Legal Adviser, Mr Uaboi Agbebaku, added that cost of goods sold increased by 25 per cent as a result of higher input costs while results from operating activities and profit after tax grew by 7 per cent and 9 per cent respectively, impacted by lower net finance charges and a continued focus on its cost efficiencies. Revenue for the period grew by 18 per cent due to the impact of  price increases  implemented  in  2016  to  cushion  the  effects  of the  operating environment. The statement concluded that although the 2017 operating environment remains challenging, The Board is confident that the Company is in good position to make the necessary adjustments to cope with the difficult operating environment.