Posted by By SULAIMON OLANREWAJU on
NIGERIAN Breweries recorded a profit of N10.2 billion in the six months ending June 30, 2006. This represents a 13.7 per cent growth....
NIGERIAN Breweries recorded a profit of N10.2 billion in the six months ending June 30, 2006. This represents a 13.7 per cent growth over the N9 billion recorded over the same period in 2005.
The just released mid-year result reveals that the leading brewing company had a turnover of N40.3 billion which is an improvement over the N40 billion recorded over the same period in the preceding year.
Similarly, profit before taxation witnessed an increase, moving from N7.2 billion in the first six months of 2005 to N9.9 billion over the same period in 2006. The increase represents 36.6 per cent improvement over the 2005 figure.
Profit after taxation also witnessed a 34.5 per cent improvement, moving from N4.7 billion in 2005 to N6.3 billion in June 2006.
The result shows a significant improvement in net financing costs, which recorded an 80.8 per cent drop from N1.7 billion in June 2005 to N337.8 million in June 2006.
Nigerian Breweries, in a statement, said the outstanding performance recorded in profit after taxation was a result of the reduction in financing cost.
The result, signed by Nat Ofo, Company Secretary/Legal Adviser, was optimistic that barring any unforeseen circumstances, the final 2006 result should be better than that of last year.
Nigerian Breweries recorded a turnover of N80.2 billion for the 2005 financial year which ended 31st December 2005, a nine per cent increase over the N73.5 billion recorded in 2004. Operating profit for the 2005 financial year was N15.4 billion, a seven per cent improvement over the N14.4 billion recorded in 2004.
The company was last week declared the best cost saving Heineken operating company in the world.