The financial report of NB Plc shows the revenue of N152 billion is a drop, compared to the N170 billion recorded in the corresponding period of 2019.
says it earned a revenue of N152 billion for the half-year ended June 30, 2020.
A breakdown of the results showed that the revenue of N152 billion was a drop, compared to the N170 billion recorded in the corresponding period of 2019. “The half-year results for the 2020 financial year show a strong balance sheet for the Company despite several factors that negatively impacted on the Company’s operations, such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5 to 7.5 per cent, as well as the impact of the coronavirus pandemic on businesses worldwide.
The Board of Directors commended the company’s management for its efforts to mitigate the impact of the pandemic on the business.It also lauded the prudent management of its resources as reflected in a seven per cent reduction in expenses incurred on marketing, distribution, and administration.
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