Nigerian Breweries announces 72 per cent increase in profit to N12.67bn

By Philemon Adedeji

Nigerian Breweries PLC on Monday 21st of February 2022, Reported 72 per cent increase in profit for audited full year result and accounts for the period ended December  31, 2021.

Also, the group reported N104.5 per cent increase in profit before tax from N11.58 billion generated in twelve months of 2020 to N23.7 billion in twelve months of 2021.

From the profit and loss figures, the group revenue rose from N337.04billion in twelve months of 2020 to N437.2billion in twelve months of 2021, the profit increase by 29.7 per cent.

According to the result from operating activities, the profit grew by 40.2 per cent from N29.6 billion in twelve months of 2020 to N41.4 billion in twelve months of 2021.

The gross profit revealed an increase of N35.2 per cent which moved from N118.6 billion in twelve months of 2020 N160.4 in twelve months of 2021.

Earnings per share for the period is appreciated by 70.7 per cent from N92 in twelve months of 2020 to N157 in twelve months of 2021.

Finally, the board need to seek   the endorsement of shareholder for the forthcoming annual general meeting to vote a qualify mandate to received new ordinary shares in the company instead of final gain to be in cash.