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Nigerian Breweries Q1 profit falls YOY

Nigerian Breweries PLC said its first-quarter normalized net income was 1.13 nairas per share, a decrease of 6.7% from 1.22 nairas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 9.02 billion nairas, a decline from 9.19 billion nairas in the year-earlier period.

The normalized profit margin fell to 12.9% from 13.3% in the year-earlier period.

Total revenue grew on an annual basis to 69.92 billion nairas from 68.98 billion nairas, and total operating expenses came to 53.91 billion nairas, compared with 53.69 billion nairas in the prior-year period.

Reported net income totaled 10.10 billion nairas, or 1.27 nairas per share, compared to 10.06 billion nairas, or 1.33 nairas per share, in the prior-year period.

As of April 22, US$1 was equivalent to 199 nairas.