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NIGERIAN BREWERIES PLC EARNS ₦151B REVENUE, ₦5.7B PROFIT FOR THE FIRST HALF OF 2020

Lagos, Nigeria: August 3, 2020

The Board of Directors of Nigerian Breweries Plc has released the Company’s results for the half-year ended 30th June 2020. According to its unaudited and provisional results filed with The Nigerian Stock Exchange, the Company announced a Revenue of ₦152 billion for the period under review and Profit After Tax (PAT) of ₦5.7 billion.
A breakdown of the results shows a decline in revenue compared to the ₦170 billion recorded in the corresponding period of 2019.
The half-year results for the 2020 financial year show a strong balance sheet for the Company despite several factors that negatively impacted on the Company’s operations – such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5% to 7.5%, as well as the impact of the coronavirus (Covid-19) pandemic on businesses worldwide. Despite these challenges, the Company’s financial position shows stability and sustained profitability.
To support the fight against the Covid-19 pandemic, the Company, during the period under review, made various donations in cash and kind valued at about ₦531 million out of a phased commitment of ₦600 million to the Federal and State Governments’ Covid-19 Relief Funds.
The Board of Directors commended the Company’s Management for its efforts to mitigate the impact of the pandemic on the business, as well as the prudent management of its resources as reflected in a 7% reduction in expenses incurred on marketing, distribution, and administration. The Board expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders.
According to the Board, the Company’s priority during this period “remains ensuring the health, safety and welfare of employees, customers and partners.”

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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