Nigerian Breweries PLC said its fourth-quarter normalized net income amounted to 94 kobo per share, compared with the S&P Capital IQ consensus estimate of 83 kobo per share.
EPS fell 30.9% year over year from 1.36 nairas.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 7.42 billion nairas, a decline of 29.9% from 10.59 billion nairas in the prior-year period.
The normalized profit margin dropped to 8.2% from 13.4% in the year-earlier period.
Total revenue climbed 15.2% year over year to 91.03 billion nairas from 78.99 billion nairas, and total operating expenses rose 27.8% on an annual basis to 76.42 billion nairas from 59.81 billion nairas.
Reported net income decreased 30.8% from the prior-year period to 8.25 billion nairas, or 1.04 nairas per share, from 11.91 billion nairas, or 1.52 nairas per share.
For the year, the company's normalized net income totaled 3.13 nairas per share, compared with the S&P Capital IQ consensus normalized EPS estimate of 3.45 nairas.
EPS declined 27.5% from 4.31 nairas in the prior year.
Normalized net income was 24.79 billion nairas, a decline of 27.2% from 34.07 billion nairas in the prior year.
Full-year total revenue increased 6.7% on an annual basis to 313.74 billion nairas from 293.91 billion nairas, and total operating expenses rose 12.5% on an annual basis to 262.19 billion nairas from 233.04 billion nairas.
The company said reported net income declined 25.5% on an annual basis to 28.39 billion nairas, or 3.58 nairas per share, in the full year, from 38.08 billion nairas, or 4.82 nairas per share.
As of Feb. 20, US$1 was equivalent to 314.75 nairas.