Thursday , July 9 2020
Home » Business » Industry/Manufacturing » Why NBL revenue drops at N83.2bn in Q1

Why NBL revenue drops at N83.2bn in Q1

 

By Divine Nwaoguji-Nweke

Nigeria Breweries Plc has given reasons why its revenue in the first quarter of 2020 dropped.

According to the board the company made a revenue of N83.2 billion in the first quarter ended March 31.

The revenue it said represented a decrease of 0.09 per cent when compared with N83.3 billion achieved in the corresponding period of 2019. The company during the period under review posted a profit after tax of N5.5 billion against N8 billion declared in March 2019, representing a decrease of 31 per cent.

the Company Secretary/Legal Director, Uaboi Agbebaku said in a statement that the cost of sales increased by 0.23 per cent to N48.3 billion from N48.2 billion in 2019.

Mr Agbebaku said marketing, distribution and administrative expenses also grew by 13.9 per cent to N24 billion, from N21 billion recorded in the preceding period of 2019. He noted that the COVID-19 crisis continued to impact businesses, with the effect expected to be more pronounced in future.

He said that it was not possible to determine the financial impact of the COVID-19 crisis due to lack of visibility on its end date. He, however, noted that the company had a strong balance sheet and its board and management remained focused on mitigating the impact of the pandemic on its operations

 

About Editor Charles

Check Also

Why SON disowns ultimatum on product authentication mark

  The Management of the Standards Organisation of Nigeria (SON) has disowned a purported ultimatum …

Why we  urge FIIRO Board to implement Federal Govt. decision – Group

  By Charles Nwaoguji The Coalition of Civil Society Groups in Nigeria has in a …

Why FG releases National Standardisation Strategy 2020 – 2022

By Charles Nwaoguji The Federal Government has issued the first ever Nigerian National Standardisation Strategy …

21 years of democracy : LCCI calls for measures to tackle poverty, unemployment

By Charles Nwaoguji The Director General, Lagos Chamber of Commerce and Industry, LCCI, Dr. Muda …

Why we introduce product authentication mark – SON

  By Charles Nwaoguji The  Standards Organisation of Nigeria (SON) has introduced Product Authentication Mark …

Leave a Reply

Your email address will not be published. Required fields are marked *

Copyright @ 2018