The companies’ combined revenue rose to N189.63bn in the first quarter of 2021 from N148.22bn in the same period of 2020.
Nigerian Breweries Plc saw its revenue grow by 27 per cent to N105.68bn in Q1 2021 from N83.23bn in the same period a year earlier. Its profit before tax rose by 38.8 per cent to N11.51bn.
Guinness Nigeria Plc increased its revenue by 53.88 per cent to N42.61bn in the period under review from N27.69bn in Q1 2020. Its pre-tax profit jumped to N3.17bn from N71.39m.
International Breweries Plc grew its revenue to N38.96bn in Q1 2021 from N35.35bn in the same period last year. Its loss before tax narrowed to N3.56bn from N7.69bn.
Champion Breweries Plc saw its revenue rise to N2.38bn in Q1 2021 from N1.95bn in Q1 2020 while its profit before tax surged to N309.19m from N197.49m.
Analysts at Financial Derivatives Company Plc, in its March economic bi-monthly update, noted that the brewery industry was adversely affected by the global economic downturn, lockdown and disruption induced by the pandemic.
They said the impact of tough fiscal regulation (excise duties, VAT at 7.5 per cent) and higher cost pressures continued to weigh on the sector’s performance, coupled with lingering weak macroeconomic fundamentals pressuring consumers’ disposal income and consumer spending.