Nigerian Breweries Q3 Revenue Rise, As Nine Months Revenue Fall

Nigerian Breweries' year to date revenue of nine months for 2020 fell by -0.69% to NGN234.03 billion when compared to the corresponding period of last year's nine months result, when Nigerian Breweries generated NGN235.67 billion in revenue.

However, the company saw revenue growth of 25.5% in the third quarter of this year, as revenue of the alcoholic company hit NGN82.2 billion, rising above the revenue generated in the corresponding period of 2019. AllNews gathered that Nigerian Breweries revenue for Q3 last year was NGN65.4 billion.

Nigerian Breweries revenue sources come from its alcoholic brands; Star, Gulder, Heneiken, Legend, Life, Turbo King. The company also source revenue from its non-alcoholic brands like Hi-Malt, Multina, Amstel Malta, Malta Gold and more.

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Despite the cost of producing its products rising, Nigerian Breweries grossed an higher profit for the period under review, as it reported NGN30.8 billion as profit grossed for the period of Q3 2020, surpassing the NGN24.5 billion it posted in the same period last year; this is an increase of 25.6%.

The company's grossed profit rose despite the cost of production shooting up to NGN51,4 billion in the third quarter of this year, rising above the NGN40,9 billion it reported for the corresponding period of 2019, the financial statement for the third quarter 2020 disclosed.

AllNews gathered that while Nigerian Breweries recorded a loss of NGN2.1 billion in Profit Before Tax for the third quarter of 2019, the company was able to turn the table around, as its Profit Before Tax for this year's third-quarter hit NGN2.6 billion, surpassing the loss of Q3 2019.

In the statement seen by AllNews, it was gathered that Nigerian Breweries' Profit After Tax also rebounded to NGN1.35 billion in the third quarter of 2020, meanwhile, in the corresponding period of 2019 Q3, Nigerian Breweries had reported a loss of NGN1.04 billion for the period.

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