April 26, (THEWILL) – Nigeria’s leading brewer and key player in the Fast Moving Consumer Goods sector, Nigerian Breweries Plc, has announced a N137.8 billion revenue in the first quarter (Q1) of 2022, compared with N105.7 billion generated in the corresponding period of last year, representing 30.4 percent.
The foremost brewer also posted a gross profit of N62.5 billion during the period in contrast to the N39.7 billion reported in the first three months of 2021.
This was contained in a financial statement released to the Nigerian Exchange (NGX) on Monday.
The profit came on the heels of N75.3 billion used as cost of sales in Q1 2022 as against the N66.0 billion of Q1 2021.
The company disclosed that it spent N32.1 billion for marketing and distribution costs in the period under review, higher than N19.8 billion spent for the same purposes a year ago, while administrative expenses gulped N7.5 billion as against the N5.8 billion expended in Q1 of 2021.
The firm said it generated N859.4 million from other income in the first quarter of the year, higher than the N368.0 million of the same quarter of last year, while finance income raked in N73.5 million versus N25.4 million in Q1 2021, with finance costs dropping to N1.2 billion from N2.4 billion
Analysts express the view that Nigerian Breweries is expected to sustain its growth trajectory in the second quarter of the year despite inflationary pressures with the economy fully reopened and COVID-19 restrictions fully eased by the government.
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.
