Nigerian Breweries on Wednesday released its financial report for the three months ended, 31 March 2020.
The unaudited financial statement of the company in Q1’20 shows a decline of 0.09% in turnover as the company reported N83,204,327,000 as against N83,277,639,000 reported in the first quarter of 2019.
Nigerian Breweries reported a profit before tax of N8.28 billion, down by 0.30% from N8.30 billion reported in the first quarter of 2019.
Profit after tax declined by 31.40% to settle at N5.51 billion from the profit after tax of N8.03 billion in 2019 first quarter. Earnings per share of the bank firm at 69 kobo, down by 31.40% from N1.00 achieved in Q1’19.
In statement by the Board of Directors of Nigerian Breweries as regards the impact of covid-19 on its business operations, pointed out that the outbreak will obviously affect business going forward.
According to the firm the Covid-19 crisis continues to impact all businesses, with the effect expected to be more pronounced in the future.
The firm stated that its priority is to protect the health, safety and welfare of its employees, customers, and partners, as well as support the Government and its agencies as they work to reduce the impact of the outbreak.
According to the Board of Directors of Nigerian Breweries, it is not possible at the initial stage, to determine the financial impact of Covid-19 on the Company given the lack of visibility on the end date of the pandemic or on how long it would continue to impact the Nigerian economy.
The Company has a strong Balance Sheet and the Board and Management are focusing on efforts to mitigate the impact on our business’’.