Business

International Breweries reports N2.57bn loss in Q1’21

International Breweries Plc has reported a loss after tax of N2.578 billion for the first quarter ended March 31, 2021, from a loss of N5.645 billion reported in 2020.

 

Loss before tax stood at N2.561 billion for the Q1 as against loss of N7.694 billion posted in 2020.

 

However, revenue grew by 10.17 per cent to N38.964 billion in 2021 from N35.348 billion recorded a year earlier while cost of sales stood at N32.478 billion from N29.175 billion in 2020.

 

International Breweries reported a loss after tax of N12.365 billion for the full year ended December 31, 2020, from N27,790 billion loss reported in 2019.

 

Loss before tax stood at N24.873 billion for the full year as against loss of N36.166 billion posted in 2019. However, revenue grew by 3.35 per cent to N136.790 billion in 2020 from N132.351 billion recorded a year earlier while cost of sales stood at N106.315 billion from N107.144 billion in 2019.

 

IB began the year on unimpressive note as its Q1 2020 Unaudited results for the period ended March 31, 2020 showed eevenue grew by 0.72 per cent to N35.3 billion from N35.1 billion in the previous quarter.

 

The company’s loss before tax stood at N7.7 billion as against N5.318 billion in 2019 while its loss after tax stood at N5.6 billion from N3.988 billion a year earlier. International Breweries’ (IB) Q2’20 results revealed that volumes declined by double-digits y/y, largely because of the lockdown during the quarter.

 

According to analysts at FBNQuest, this marks the biggest volume loss since the company’s merger in 2017. Pre-tax loss improved by 18 per cent y/y on the back of a 19 per cent y/y decline in opex and a 6x y/y increase in other income.

 

Indeed, amid the lockdown, IB cut spending on promotional activities by half; this drove the opex decline.

 

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