Nigerian Breweries Plc has released its unaudited financial statements for the first quarter (Q1) 2024, posting a loss after tax of N52.1 billion.
This represents a 79% year-on-year decline from N10.7 billion net loss reported in Q1 2023.
The group recorded a huge N227.1 billion gross turnover during the quarter, marking an 84% year-on-year growth from the N123.3 billion sales posted during the corresponding quarter of last year.
However, a net finance cost of N90.8 billion caused the group to post a pre-tax loss of N65.6 billion, which marks a 73% year-on-year decline from the N17.4 billion pre-tax loss posted in Q1 2023.
Following a challenging 2023, the group continues to face financial turbulence, evidenced by its reported net FX loss of N72.8 billion in Q1 2024.
Key Highlights Q1 2024 vs Q1 2023
- Revenue: N227.1 billion, +84% YoY
- Cost of sales: N145.2 billion, +83% YoY
- Gross profit: N81.9 billion, +87% YoY
- Selling and distribution expenses: N10.9 billion, +32% YoY
- Operating profit: N23.3 billion, +1241% YoY
- Net finance costs: N90.8 billion, +370% YoY
