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Business News of Wednesday, 12 February 2020

Source: MyNigeria

FY 2019: Int'l Breweries record loss of N9.1 billion

International Breweries Plc has released its unaudited financial statements for full-year 2019. The financial statement demonstrates poor performance across most financial indicators. The breakdown of the report is shown below:

Revenue: The Brewer generated N35 billion in revenue as at December 2019, compared to N37.2 billion recorded at the end of the 12 month period of 2018. This represents a reduction in revenue of 5.8%.

Gross Profit: As at December 2019, International Breweries recorded 11.8 billion in gross profit, down from N15.3 billion recorded at the end of December 2019, representing another reduction in revenue of 22.6%.

Profit Before Tax: As at the fourth quarter of December 2019, the firm recorded N13.3 billion as loss before tax, compared to N1.1 billion recorded by the firm as profit before tax at the end of December 2018. This represents a decline of 1271%.

Profit After Tax: International Breweries recorded a loss of N9.1 billion for the 12-month period of 2019, as against N3.2 billion profit recorded at the end of December 2018, representing a 379% loss percentage in profit after tax.

Earnings Per Share: The group's Earnings Per Share stood at a loss of N1.06kobo for full-year 2019 compared to 38kobo recorded at the end of December 2018.

In 2018, International Breweries started the year on a bounce hitting a high of N52.26 and about two weeks later, it hit an all-time high of N58.69.

Since then it has been down the trenches, closing 2018 at N27.97, a 46.4% negative return and one of the worst performers that year. As if things couldn’t get any worse, shareholders faced another tumultuous 2019 with the stock closing 2019 at N9.4 and a negative return of 69%.

All of these failings earned the brewer the name worst-performing stock of the year at the end of last year.

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