Improved demand, pricing raises NB’s 2021 revenue by N438bn

By Chinwendu Obienyi

Despite the prevailing foreign exchange (FX) challenges, Nigerian Breweries (NB) Plc has announced that its revenue grew to N437.196 billion, representing a 29.7 per cent increase when compared to N337.006 billion recorded during the corresponding period in 2020. This was even as the company’s profit for the period grew by 71.8 per cent, rising from N7.525 billion in 2020 to N12.927 billion in 2021.

According to the company’s audited financial statement for the year ended December 31 , 2021, which was filed with the Nigerian Exchange (NGX) Limited, the company’s gross profit margin expanded by +111 basis points (bps) to 39.0 per cent in Q4 2021 (2021FY: +150bps to 36.7 per cent) – the strongest reading since Q4 2019 (40.2 per cent) while its profit before tax (PBT) surged by 104.7 per cent to N23.70 billion from N11.58 billion in 2020.

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A further breakdown of the audited results revealed that earnings per share (EPS) came in at N1.57 as against 0.92 kobo recorded in 2020, while Earnings Before Interest and Taxes (EBIT) and Earnings Before Interest,Taxes, Depreciation and Amortization (EBITDA) grew significantly by 135.5 per cent year-on-year (y/y) and 65.4 per cent y/y, with accompanying margins of 13.1 per cent (+620 bps) and 22.1 per cent (+550 bps), respectively. In a statement by the Company Secretary/Legal Director, Uaboi Agbebaku, the Board would be recommending to shareholders at the forthcoming Annual General Meeting (AGM) the declaration of a total dividend of N12.921 billion at 50 kobo per share representing a 100 per cent dividend payout ratio.

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