Nigerian Breweries Liability Rises By 36% In Six Months

The coronavirus pandemic has taken its toll on the country’s brewery industry as the Nigerian Breweries has lost N18.4bn in revenue and seen a surge in its liability by 36 per cent in the first half of 2020.

The Federal Government had instituted a lockdown in March which had dried up sales especially between March to June 2020.

The brewery in its financial report for H1 2020, noted that a total of N151.81bn was realised in revenue from N170.2bn revenue recorded in the H1 of 2019.

Details of the report seen by THE WHISTLER revealed that the company’s Profit After Tax also dropped by 57.96 percent to N5.59bn, from N13.3bn growth in profit realised within the same period in 2019.

The report further disclosed a surge in the company’s total liability by N81.5bn to N30.2bn in the first six months of this year.

The company had in the first six months of last year held its total liability at N221.71bn.

A breakdown of NB’s liability shows that current liability rose by 9.47 per cent  to N242.6bn in the first half of this year, from the N142.7bn in the corresponding period of 2019.

According to the report, non- current liability of the company decreased to N60.65bn from N78.99bn in the first half of 2019.

The company said that its tax liability charged for the period dropped by 58 percent in the first six months of its operation in 2020 to N2.76bn, from N6.1bn in the first half of 2019.