Key Highlights
- Revenue increased 75%
- Gross profit increased by 36%
- Marketing, Distribution, and Administration expenses increased by 45%
Nigerian Breweries Plc, the foremost brewing company in Nigeria, has recorded a 75% revenue growth for the 9 month period ended 30th September 2024, relative to the corresponding period in 2023.
The revenue recorded for the company stood at N703billion, as against N402 billion, which was recorded in the corresponding period in 2023.
According to the unaudited results released to the Nigerian Exchange Group (NGX), the company’s gross profit in the period under review rose to N207 billion from N152 billion in the corresponding period in 2023, representing a36% rise. Gross profit grew behind revenue as a result of a 99% surge in the Cost of Goods Sold, primarily influenced by currency devaluation and rise in input costs.
An analysis of the recently released results revealed that the Cost of Sales rose from N249 Billion in 2023 to N495 billion…