Analysis of the results revealed that cost of sales rose significantly by 20.2% from N198.75 billion in 2021 to N238.92 billion during the period under review in 2022.
Marketing, Distribution, and Administration expenses also grew by 40.1% from N86.33 billion in 2021 to N120.95 Billon in 2022.
Apart from volume and cost challenges which affected business performance negatively in Q3, 2022, there was increased pressure on consumer disposable income as well as heavy rains and flooding. Nevertheless, the Company performed relatively well in the period led by strong premium portfolio ofDespite the volume and cost challenges in the third quarter, the strong performance recorded in the first half of the year ensured that Operating Profit grew by 44% while Profit after Tax went up 80%.
While being cautious about the development of input costs and consumer demand in the remaining period of 2022, the statement assured stakeholders that the Company is well positioned to take advantage of any upswing in the market and maintain its leadership position.A member of the HEINEKEN Group, Nigerian Breweries Plc is Nigeria’s pioneer and largest brewing company.
Nigerian Breweries Plc is also the recipient of several awards and recognition in other areas of its operations, including product quality, marketing excellence, productivity and innovation, health and safety, corporate social responsibility, and sustainability.
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