NIGERIAN BREWERIES EARNS N83.2b AND DECLARES N5.5b PROFIT FOR Q1 2020

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Lagos, Nigeria: Wednesday, April 22, 2020

The Board of Directors of Nigerian Breweries Plc has announced a Revenue of N83.2 billion for the first quarter of 2020.

According to the unaudited and provisional results filed at The Nigerian Stock Exchange, the Company also made a Profit after Tax of N5.5 billion during the period.

An analysis of the results shows that the N83.2 billion Net Revenue is a 0.09% drop from the N83.3 billion recorded in the corresponding period in 2019. The Q1 2020 Profit after Tax is lower than the N8 billion recorded in the same period in 2019, signifying a 31% percent decline.

Further analysis of the results shows that Cost of Sales increased by 0.23% from N48.2b in 2019 to N48.3b in the period under review. Marketing, Distribution and Administrative Expenses also grew by 13.9% from N21b in 2019 to N24b in 2020.

The statement, signed by the Company Secretary/Legal Director, Uaboi Agbebaku notes that the COVID-19 crisis continues to impact businesses, with the effect expected to be more pronounced in future.

The statement added that while it is not possible to determine the financial impact of the COVID-19 crisis because of lack of visibility on its end date, the company has a strong balance sheet and its board and management remain focused on mitigating the impact of the pandemic on its operations.

Signed

Sade Morgan

Corporate Affairs Director,

+234 803 402 2730; sade.morgan@heineken.com