Banking Sector
Despite N12.508bn Tax Credit, International Breweries Loses N12.37bn in Profit in 2020
Despite growing revenue to N136.791 billion and receiving N12.508 billion tax credit in the financial year ended December 31, 2020, the International Breweries posted a N12.365 billion loss.
Gross profit grew from N25.207 billion in 2019 to N30.475 billion in 2020.
Expenses – administrative expenses, marketing, promotion and distribution expenses, net impairment charge on financial assets, other income/(loss) and others – rose to N23.196 billion in the year under review, up from N20.985 billion in the corresponding year of 2019.
Loss before tax stood at N24.873 billion in 2020, down from N36.167 billion recorded in 2019.
But the company posted a N12.365 billion loss in loss after tax because of the N12.508 billion tax credit received from the Federal Government.
It received N8.376 billion tax credit in 2019 when N27.791 billion loss was recorded.