Nigerian Breweries’ profit rises 39% despite COVID-19 impact

Nigerian Breweries Plc has reported a profit before tax of N11.51 billion for the first quarter ended Mar. 31, 2020, compared to N8.29 billion in the same period of last year.

The company’s net revenue increased to N105.68 billion from N83.23 billion, according to its audited financial statements obtained by Markets Reporters on Friday.

Its total comprehensive income for the quarter rose by 39.1 percent to N7.66 billion from N5.51 billion.

Nigerian Breweries said the impact of COVID-19 pandemic on the economy and by implication, the company continued during the period under review.

It said, “Our priority remained protecting the health, safety and welfare of employees, customers and partners. We regularly monitored and evaluated the company’s financial position and performance in the light of the pandemic; our balance sheet remained strong.

“The focus of the board and management remained the mitigation of the impact of the pandemic on the business.”