News

International Breweries Reports Q3 Pre-tax Loss

International Breweries Plc, a leading beer manufacturer, has announced a pre-tax loss of N2.07 billion for the third quarter of 2023. Despite the loss, the company has shown significant growth in its revenue.

With a revenue of N67.65 billion in Q3 2023, International Breweries Plc has achieved a remarkable year-on-year growth of 38% compared to the same period in 2022.

This positive trend has also contributed to the company’s nine months’ earnings, which now stands at N183.78 billion, reflecting a 14.55% year-on-year growth from 2022.

Key financial highlights for Q3 2023 compared to Q3 2022 include an increase in revenue by 37.98% and a rise in gross profit by 41.34%.

Operating profit also saw a significant growth of 158.29%, while cash and cash equivalents increased by 12.23%. On the other hand, net finance costs experienced a notable increase of 500.48% year-on-year, contributing to the pre-tax loss.

Despite the loss, analysts have pointed out that the company’s performance in Q3 2023 is relatively positive compared to the corresponding quarter in 2022.

Furthermore, for the nine-month period ending on September 30, 2023, International Breweries Plc saw a considerable decline in pre-tax loss from N43.52 billion to N2.85 billion compared to the same period last year.

The loss in the nine-month period is primarily attributed to the increased finance costs, with interest expense on borrowings seeing a substantial 244% year-on-year surge.

International Breweries remains optimistic about its future growth potential, and with its strong revenue performance, it is expected to regain profitability in the upcoming quarters.

Related posts

Nigerian Police Introduces Smart Police Mobile App  

Desmond Ekeh

Opay Claims Alleged Scam Video is Outdated

Precious Chinaza

Viewers Protest As Multichoice Nigeria Raises DStv, GOtv Prices Again

Precious Chinaza

Leave a Comment