International Breweries Plc has reported a loss after tax of N16.445 billion for the nine months ended September 30, 2019, from N7.137 billion it reported within the same period in September 2018.
Loss before tax stood at N24.076 billion for the Q3 as against loss of N9.014 billion posted in 2018.
However, revenue grew by 16.69 per cent to N97.260 billion in 2019 from N83.346 billion recorded earlier but cost of sales stood at N66.138 billion from N51.114 billion in 2018, accounting for 29.39 per cent increase.
The firm reported a loss after tax of N6.84 billion for the half year ended June 30, 2019, from N2.846 billion loss reported in June 2018.
Loss before tax stood at N10.526 billion for the half year as against loss of N5.242 billion posted in 2018.
However, revenue grew by 29.22 per cent to N68.630 billion in 2019 from N53.109 billion recorded earlier but cost of sales stood at N45.437 billion from N32.198 billion in 2018, accounting for 41.12 per cent increase.
The brewer reported a loss after tax of N3.987 billion during the first quarter ended March 2019, from N2.240 billion loss reported in March 2018.
Loss before tax stood at N5.085 billion for the first quarter as against loss of N2.557 billion posted in March 2018.
Revenue dropped by 39 per cent to N36.096 billion in 2019 from N25.966 billion recorded earlier while cost of sales stood at N22.609 billion from N15.857 billion in 2018, accounting for 42.58 per cent increase.
The company reported a loss after tax of N3.866 billion for the financial year ended December 31, 2018 as against loss of N1.395 billion posted during the period ended December 2017. Loss before tax equally stood at N8.049 billion during the period under review from N3.233 billion during the comparable period of 2017.
Revenue, however, grew to N120.610 billion during the period from N36.527 billion in 2017, amounting to 230 per cent increase, while cost of sales grew to 221 per cent to N73.270 billion from N22.819 billion in 2017.
International Breweries recently hosted its distribution partners across the country to a gala night in Lagos.
The event was an opportunity for the company’s distributors, trade partners and other key stakeholders within the distribution value chain to exchange ideas, as well as deepen business relationships. It also provided the company an opportunity to fete and commend the performance of the distributor partners, with those who had excelled in their performance in the recent financial year, winning delectable prizes.
Delivering her remarks, Managing Director, International Breweries Plc, Mrs. Annabelle Degroot, said the successes the company recorded in 2018 would not have been possible without their hard work and commitment.
While commending the stellar performance, however, Degroot reminded the distribution partners that standing still was not an option, but going forward, adding that as a very ambitious organisation keen on meeting the needs of consumers across the country, neither the International Breweries Plc nor its trade and distribution partners would rest on their oars.
Speaking on the role and relationship that exist between the company and its valued distributors, National Sales Director, Godwin Oche, said: “Our distributor-partners play a very critical role in our supply chain and I am particularly proud of the synergy that exists between them and our team.”