Nigeria: Nigerian Breweries profit hit N6.6bn in first quarter

A total of N6.6bn has been declared by Nigerian Breweries Plc as profit before tax (PBT) for its first quarter ending 31st March, 2007, according to company�s press release, June 11. This represents a 25% increase over the N5.3 billion PBT declared for the same period in 2006.

The company�s unaudited and provisional result for the first quarter released recently shows that the company made a turnover of N25.5 billion, that is, a 29% increase over the N19.8 billion achieved for the corresponding period of 2006.The increase in turnover resulted from the market growth which started mid-2006 and continued during the first quarter of 2007.

The company�s Profit After Tax (PAT) for the period stood at N4.4 billion, showing a 32% increase over the N3.3 billion of the first quarter of 2006. A significant reduction in Net Financing Costs was recorded from -N221.7 million (negative) in the first quarter of 2006 to N34.9 million (positive) in the first quarter of 2007.

A statement by the company said improvement in PAT resulted from improved Operating Profit and positive Net Financing Costs as a consequence of the liquidation of debts. The statement said the Directors of the company are of the opinion that the positive trend is likely to continue given a stable business climate.

It would be recalled that the company only last month at its Annual General Meeting declared a profit after tax of N10.9 billion from a turnover of N86.3billion for the 2006 financial year. A total dividend of 144kobo per share was declared for the company�s shareholders. Speaking at the pre-2007 Annual General Meeting media presentation in May, Michiel Herkemij, the company�s Managing Director and Chief Executive Officer had told investors to expect a far better result since amongst others, the company�s huge debts have been liquidated as a result of the company�s positive thinking on cash flow

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