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Nigerian Breweries records N5.5b profit in q1

Category: Daily & Weekly Market Updates

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Nigerian Breweries records N5.5b profit in q1

May 24, 2006/guardian




Nigerian Breweries Plc has recorded an operating profit of N5.5 billion in the first quarter of 2006. This shows an increase of 27.7 per cent over the N4.3 billion declared for the same period in 2005.

The provisional first quarter financial result released recently shows that the company made a turnover of N19.8 billion for the period ended March 31 2006 as against N19.9 billion declared in 2005.

According to the result, a total of N3.3 billion was achieved as Profit After Tax (PAT showing a 56.7 per cent increase over the N2.1 billion achieved during the same period in 2005.

The result also shows a substantial decrease in the company\'s net financing which showed a 78.9 per cent decrease from N1.052 billion in 2005 to N22.1 million in quarter 1 of 2006. A statement by the company said: \"With stable volume compared to the same period last year, the operating profit improved substantially as a result of on-going restructuring. Net financing costs decreased in line with lower bank borrowings.

It would be recalled that the company made a total of N15.4 billion as operating profit from a turnover of N80.2 billion declared for the 2005 financial year. A total of N7.9 billion was declared as dividend, that is 80 kobo for every 50 kobo share.

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