The largest brewing company in Nigeria, Nigerian Breweries just announced the largest increase in profit after tax for the first quarter (Q1) ended March 31, 2022.
The company disclosed in its unaudited financial statements obtained by Investors King.
Net revenue rose by 30.4% to N137.772 billion in the first quarter of 2022, up from N105.676 billion filed in Q1 2021. Cost of sales inched higher to N75.319 billion, an increase of 14.1% from N66.005 billion achieved in the corresponding quarter of 2021.
Similarly, marketing, distribution and administration expenses jumped 55% from N25.549 billion in Q1 2021 to N39.588 billion in Q1 2022.
Nigerian Breweries grew other income by 133.5% to N859 million from N368 million in Q1 2021. Results from operating activities also increased by 63.7% to N23.724 billion.
The brewing giant deepens finance income in the period under review. Growing finance income by 189% from N25 million in Q1 2021 to N74 million in Q1 2022. Profit before tax rose 80.3% to N20.763 billion from N11.514 billion.
The company paid N7.149 billion in income tax to post N13.614 billion profit after tax.
