The third quarter report of Nigerian Breweries Plc for the period ended 30 September 2023 shows significant decline in its bottom line figures.
Revenue grew mildly by 2.12% to N401.8 billion for the 9 months period, from N393.449 billion reported the previous year.
According to the Company, the low revenue growth is driven by pricing to mitigate inflation. The operating profit was impacted by the lower volumes, higher input costs influenced by inflation and devaluation of the naira, and a one-off restructuring cost. Pricing and significant cost savings initiatives were not enough to fully mitigate rising input costs.
The Company declared loss after tax of N57.19 billion for the 9 months period as against the profit after tax of N14.755 billion reported the previous year.
Earnings per share of the company is negative N5.57
At the share price of N38, the P/E ratio of Nigerian Breweries is -6.83x with earnings yield of -14.65%.