By Modupe Gbadeyanka The 2018 financial year was not too good for Nigerian Breweries, going by details of its financial results released on the Nigerian Stock Exchange (NSE).
The results, posted on the NSE website on Friday, showed that profit posted by the brewery firm went down by 41.2 percent when compared with the 2017 financial year.
It was disclosed that the profit after tax depreciated to N19.4 billion from N33 billion, while the profit before tax declined to N29.4 billion from N46.6 billion a year earlier.
Also, the total revenue generated by the company in the 2018 financial year fell to N350.2 billion from N365.8 billion in 2017 fiscal year, while the gross profit slipped to N126.9 billion from N143.5 billion.
In the period under review, the cost of sales closed at N197.5 billion in contrast to N201 billion 12 months ago, just as the administrative expenses marginally dropped to N20.8 billion from 21.8 billion, with the marketing and distribution expenses rose to N70 billion from N66.9 billion.
For the other income, the firm recorded N885.4 million in 2018 FY against N2.2 billion in FY 2017, while the finance income closed at N361.9 million versus N172.1 million, with the finance costs closing at N7.9 billion in contrast to N10.7 billion.
The financial results showed that the earnings per share (EPS) dropped to N2.43k versus N4.13k, indicating a decline of 41.2 percent.
Meanwhile, the board of Nigerian Breweries has proposed a final dividend of N1.83k per share of 50 kobo each to be paid electronically on May 20, 2019, with qualification date at March 6, 2019.
