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NIGERIAN BREWERIES EARNS ₦170b REVENUE, ₦13b PROFIT FOR THE FIRST HALF OF 2019

Lagos, Nigeria: Wednesday, July 31, 2019

The Board of Directors of Nigerian Breweries Plc has announced the Company’s results for the first half of the year ended 30th June, 2019. According to the unaudited and provisional results filed with The Nigerian Stock Exchange, the Company announced a Revenue of ₦170.2 billion for the period under review and Profit after Tax of ₦13.3 billion during the period.
While year on year there was a marginal Revenue decline of 1.4% compared to the ₦173 billion recorded in the corresponding period of 2018, the Company recorded a quarter on quarter 4% Revenue growth buoyed by mid-single digit sales growth driven by strong performance in the Premium and Mainstream segments. The strong performance in the quarter was despite the impact of the increase in Excise Duty cost and other costs due to inflation. Continuous focus on cost initiatives helped the Company to return an Operating Profit of ₦24.5 billion and a Profit after Tax of N13.3 billion for the period.
The Operating environment remains challenging with another increase in the Excise Duty rate coming into effect at the beginning of June 2019. The Company remains confident that it has the right long-term strategy that will continue to deliver good return on investment to its Shareholders.

Signed

Sade Morgan

Corporate Affairs Director,

+234 803 402 2730;

sade.morgan@heineken.com

About Nigerian Breweries PLC:
A member of the HEINEKEN Group, Nigerian Breweries Plc is the pioneer and largest brewing company in Nigeria. Incorporated in 1946 as "Nigerian Brewery Limited", the company made history in June 1949 when the first bottle of STAR lager beer rolled out of its Lagos brewery bottling line. Today, it has a rich portfolio of 19 high-quality brands (such as Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz and Legend) produced from 9 breweries and 2 malting plants which are distributed nationwide. Nigerian Breweries is also a recipient of several awards and recognition in other areas of its operations including product quality, marketing excellence, productivity and innovation, health and safety, corporate social responsibility, and sustainability. To learn more, visit the Nigerian Breweries website: nbplc.com

PRESS CONTACT:

PRESS CONTACT:

Sade Morgan
Corporate Affairs Director
Sade.morgan@heineken.com

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