By G9ija

Nigerian Breweries (NB) Plc recorded a 39.5 per cent growth in net profit in the first quarter as turnover rose by 27 per cent within the three-month period.

Key extracts of the interim report and accounts of NB for the first quarter ended March 31, 2021 showed that turnover rose from N83.2 billion in first quarter 2020 to N105.7 billion in first quarter 2021. Profit after tax rose from N5.54 billion in first quarter 2020 to N7.73 billion in first quarter 2021.

The report showed that cost of Sales rose significantly by 36.6 per cent from N48.3 Billion in first quarter 2020 to N66.0 billion in first quarter 2021. Marketing, distribution and administration expenses also increased by 5.7 per cent from N24.09 billion in first quarter 2020 to N25.45 billion in first quarter 2021.

Company Secretary and Legal Director, Nigerian Breweries (NB) Plc, Uaboi Agbebaku said the company remained focused on its strategy to deliver sustainable growth and will continue to monitor the business environment.

He said the company remains dynamic in its response to operational challenges in the economy, particularly in the face of COVID-19 pandemic.

“The impact of Coronavirus pandemic on the economy and by implication, the company continued during the period under review. Our priority remains to protect the health, safety and welfare of employees, customers and partners. For the rest of the year, we will continue to regularly monitor and evaluate the company’s financial position to ensure that our balance sheet remains strong,” Agbebaku said.