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NB Plc Announces Q3 2022 Revenue Of N393.3 Billion

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One of the foremost brewing companies in Nigeria, Nigerian Breweries Plc, has announced its third quarter (nine months) revenue of N393.336 billion which is an increase of 27.2 % from N309.22 billion recorded in the corresponding period in 2021.

This revenue was made known in a statement signed by the Company Secretary/Legal Director, of Nigerian Breweries Plc, Uaboi Agbebaku.

According to the statement, revenue growth in the quarter driven by pricing was however offset by higher input costs arising from an increased rate of inflation and higher energy costs.

Analysis of the results revealed that the cost of sales rose significantly by 20.2% from N198.75 billion in 2021 to N238.92 billion during the period under review in 2022. Marketing,

Distribution and Administration expenses also grew by 40.1% from N86.33 billion in 2021 to N120.95 Billon 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. The Company still performed relatively well in the period led by a strong premium portfolio of Heineken, Tiger, and Desperados.

However, 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% while Profit after Tax went up 80%. The Board has therefore announced an interim dividend of N3.29 billion payable to shareholders at 40kobo 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.

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