International Breweries announces new financial year end

International Breweries announces new financial year end

International Breweries Plc has approved the change of the Company’s financial year end from 31 March to 31 December of every year. The first application would be for a nine month period ending 31 December, 2017.

This notification is given in line with the prescribed rules of the Exchange and for statutory records.

On 26 April 1994 International Breweries became a public limited liability company and listed on the Nigerian Stock Exchange.

International Breweries plc has a technical services agreement with Brauhaase International Management GMBH, a subsidiary of Warsteiner Group of Germany, which owned 72.03% equity. On 1 January 2012, SABMiller took operational management control of International Breweries from BGI Castel.

The company is Nigeria’s third largest brewer which in its financial report for the first quarter of the year recorded NGN1.3 billion profit in contrast to NGN1.6 billion loss reported in the same period in the year 2016.

The balance shows that the brewery ended the period with NGN9.4 billion revenue compared to NGN6.8 billion in the previous year while gross profit was NGN4.2 billion against NGN3.4 billion in the year before.

The company’s total assets at the end of the quarter was NGN45.3 billion compared to NGN34.1 billion recorded same period 2016 while total liabilities was NGN30.1 billion against NGN21.7 billion in the year 2016.