Heineken N.V’s unit in Nigeria, Nigerian breweries plc is reporting 43% rise in profit to NGN12.3 billion compared to NGN8.6 billion reported same period 2016.
Nigerian Breweries said it ended the quarter with NGN89.7 billion revenue in contrast to NGN79.8 billion recorded in the previous year while costs of sales was NGN48.9 billion against NGN43.1 billion in the year before.
The brewery said its gross profit increased to NGN40.7 billion from NGN36.7 billion posted in the previous year while operating profit rose to NGN20.1 billion from NGN15.9 billion in the financial year 2016.
Total asset for the period was NGN389.2 billion in contrast to NGN367.1 billion in same quarter 2016 while total liabilities was NGN211.2 billion versus NGN201.2 billion in the year before.
Nigerian Breweries Plc, is the pioneer and largest brewing company in Nigeria. It serves the Nigerian market and exports to other parts of West Africa.
Incorporated in 1946, its first bottle of beer, STAR Lager, rolled off the bottling lines of its Lagos brewery in June 1949. Other breweries were subsequently commissioned by the company, including Aba Brewery in 1957, Kaduna Brewery in 1963, and Ibadan Brewery in 1982. In September 1993, the company acquired its fifth brewery in Enugu, and in October 2003, its sixth brewery, sited at Ameke in Enugu. Ama Brewery began brewing on the 22 March 2003 and at 3 million hectolitres is the largest brewery in Nigeria. Operations at Enugu brewery were discontinued in 2004, while the company acquired a malting Plant in Aba in 2008.