NB’s marketing, sundry expenses gross N85b in H1
The marketing, distribution, and administrative expenses of Nigerian Breweries Plc have risen to N84.896 billion naira in the first half of 2022 from N31, 858,961 spent in 2021. This was revealed in the just-released half-year report of the Group.
The increase represents over 70 percent increase in marketing and distribution expenses.
Explaining the reasons for the increase, the report stated that “Marketing, distribution, and administration expenses were driven by the increase in commercial activities, rising diesel prices, and higher wages arising from collective labour agreements.”
The half-year report showed a Profit Before Tax (PBT) growth of N26.05bn at 115.8%, while its Profit After Tax (PAT) stood at N19 .08bn at +142.8%. Net Revenue also grew by 274.03bn at +31%, with Gross Profit at N118.688bn at 52.4%. Its Operating Profit, on the other hand, has also improved as it stands at 80%, with earnings per share having N237 kobo at +44.3% growth in the period under review.
The report signed by Uaboi G. Agbebaku, the Company Secretary, stated further that, “Our business continues to build momentum and deliver consistent profitable growth even in the context of a very challenging operating environment. Our best-in-class portfolio of brands provides a unique platform that positions us well to lead and grow the beer and malt category and drive superior long-term value creation.”
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