Nigerian Breweries Plc said it increased revenue by N393.34 billion for the third quarter ended September 30, 2022.
The company said the figure represented a 27.2% increase from the 309.22 billion naira recorded during the corresponding period in 2021.
In a company statement, Nigerian Breweries Plc Secretary/General Counsel Uaboi Agbebaku said revenue growth in the quarter, driven by prices, was however offset by higher input costs resulting from rising inflation rate and rising energy costs.
He said: “Analysis of the results revealed that the cost of sales increased significantly by 20.2% from N198.75 billion in 2021 to N238.92 billion during the period. considered in 2022.
“Marketing, distribution and administration expenditure also increased by 40.1% from N86.33 billion in 2021 to N120.95 billion in 2022.
“In addition to volume and cost issues that negatively affected business performance in the third quarter of 2022, there was increased pressure on consumer disposable income as well as heavy rains and flooding.
“Nevertheless, the company performed relatively well during the period, thanks to a strong premium portfolio of Heineken, Tiger and Desperados.
“Despite volume and cost issues in the third quarter, strong performance in the first half of the year drove operating profit growth of 44%, while after-tax profit increased 80%.”
The statement added: “The Board of Directors has therefore announced an interim dividend of N3.29 billion payable to shareholders at 40 kobo each per 50k ordinary share.
“While being cautious about the evolution of input costs and consumer demand over the remaining period of 2022, the statement assured stakeholders that the company is well positioned to benefit from any recovery in the market. market and maintain its leading position.”