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NB FY 2016 PERFORMANCE SNAPSHOT – PAT down by 25.33% y/y

22
Feb

 

Nigerian Breweries Plc (NB)  released its 12 months audited results for the period ended December 31st, 2016, late yesterday, being 20th of February, 2017.

From the result gathered,

Revenue grew by 6.75% y/y to N380.35 billion, so was Operating Expenses by 0.99% y/y.

Profit Before Tax and Profit After Tax, both dropped significantly by 27.22% y/y and 25.33% y/y to N39.67 billion and N28.42 billion despite a lower tax expense of 31.60%y/y, reflecting the challenging operating environment.

Earnings per share (EPS) also fell to N3.58 in the period, compared with N4.60 recorded in the previous year.

The directors have recommended a final dividend of N20.457 billion, which translate to N2.58 per share set for a closure date of 9th March through 15th March 2017,  with AGM date for 3rd May and a payment date for 4th May, 2017.

The 12 months decline in profit was spurred by a combination of rising inflation and impact of the naira devaluation .

While commenting on its nine months results last year, Nigerian Breweries had said that although the operating environment was expected to remain challenging for the rest of the year, it would “continue to focus on our twin agenda of cost and market leadership supported by innovation.”

Finally, the firm expressed confidence that it was well positioned to take advantage of any upswing in the market.

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