Nigerian Breweries Plc said it increased its revenue by N393.34bn for the third quarter ended 30th September 2022.

The firm said the figure represented an increase of 27.2 per cent from N309.22bn recorded in the corresponding period in 2021.

In a statement from the firm, the Secretary/Legal Director, Nigerian Breweries Plc, Uaboi Agbebaku, said revenue growth in the quarter driven by pricing was however offset by higher input cost arising from increased rate of inflation and higher energy costs.

It stated, “Analysis of the results revealed that cost of sales rose significantly by 20.2 per cent from N198.75bn  in 2021 to N238.92bn during the period under review in 2022

“Marketing, distribution, and administration expenses also grew by 40.1 per cent from N86.33bn in 2021 to N120.95bn in 2022.

“Apart from volume and cost challenges which affected business performance negatively in Q3,2022,  there was increased pressure on consumer disposable income as well as heavy rains and flooding.

“Nevertheless, the company performed relatively well in the period led by a strong premium portfolio of Heineken, Tiger and Desperados.

“Despite the volume and cost challenges in the third quarter, the strong performance recorded in the first half of the year ensured that operating profit grew by 44 per cent while profit after tax went up 80 per cent.”

The statement added, “The board has therefore announced an interim dividend of N3.29bn payable to shareholders at 40 kobo each per ordinary share of 50k.

“While being cautious about the development of input costs and consumer demand in the remaining period of 2022, the statement assured stakeholders that the company is well positioned to take advantage of any upswing in the market and maintain its leadership position.”