Nigerian Breweries Plc has recorded a revenue of N152 billion, down from N170.2 billion in the corresponding period of 2019. Profit before tax fell 57 per cent from N19.4 billion to N8.3 billion, while profit after tax (PAT) declined from N13.3 billion to N5.6 billion in 2020.
According to the company, the half-year results for the 2020 financial year show a strong balance sheet despite several factors that negatively impacted on its operations. The factors include: an increase in Excise Duty, a rise in inflation, an increase in VAT from 5.0 per cent to 7.5 per cent and the impact of the coronavirus (Covid-19) pandemic on businesses worldwide.
The company said its priority during this period “remains ensuring the health, safety and welfare of employees, customers and partners.”