Finance
Nigerian Breweries Report 41.3% Decline in PAT For H1 2019
- Nigerian Breweries Report 41.3% Decline in PAT For H1 2019
The Nigerian Breweries reported a 41.3 percent declined in profit after tax for six months ended June 30, 2019.
The financial statement released through the Nigerian Stock Exchange, NSE, showed the company grew profit after tax to N13.3 billion during the first six months of the year. That was 41.3 percent lower than the N18.8 billion recorded in the same period in 2018.
Similarly, revenue declined by 1.4 percent from N173 billion filed in the same period of 2018 to N170.2 billion in H1 2019.
Speaking on the performance, the company said: “Continuous focus on cost initiatives helped the company to return an operating profit of N24.5bn and a profit after tax of N13.3bn for the period.
“The operating environment remains challenging with another increase in the excise duty rate coming into effect at the beginning of June 2019. The company remains confident that it has the right long-term strategy that will continue to deliver good return on investment to its shareholders.”