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Nigerian Breweries (NB Plc.) earnings projection for 2021 has been cut to N11.71 billion from N17.91 billion by equity analysts at WSTC Securities Limited after about 40% increase in profit in the first quarter of 2021. Meanwhile, volume growth expectation remains positive but analysts identified some downside risks
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By Akeem Abas Ibadan, May 20, 2021 As part of its commitment to environmental sustainability and efforts at reducing carbon emission, the Nigerian Breweries (NB) Plc has inaugurated a Solar Power Plant at the company’s Ibadan brewery. Naija247news reports that the 663.6kwp solar power plant was inaugurated by Gov.
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Last year marked three years of sustained profit drop for the company that set profit down below the 2005 level. The company’s first quarter performance seems to make a promise or reversing the sharp fall of 2020 to a big leap in the current financial year.
NB pushed forward towards recovery in the first quarter but the challenge of rising input cost has remained. The brewing company built an after tax profit of N7.6 billion in the first quarter which has already exceeded the full year profit figure of N7.4 billion in 2020.
The strength of the upturn in the first quarter is rooted in improving sales revenue. Inability to grow sales revenue has ruled the company’s operations over the past three years. The company pushed up sales revenue a clear 27 percent year-on-year in the first quarter from just 4 percent increase in 2020. This represents a gain of N22.5 billion in sales revenue over the period.