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Business News of Saturday, 21 November 2020

Source: Punch

IB Plc posts N4.6bn sales increase in Q3

International Breweries Plc on Saturday said its unaudited third-quarter 2020 financial results showed a positive performance, with N4.6bn sales increase.

The company disclosed this while announcing its Q3 2020 financial result in a statement titled, ‘International Breweries PLC posts N4.6bn sales increase in Q3 2020’.

It said the gross profit for the period at NGN 6bn was 46.7 per cent, N1.9bn higher than the previous year.

It also said the improved result was driven by an increase in top line growth, reduction of marketing and promotion expenses as contained in the International Breweries Plc unaudited third-quarter 2020 financial results.

The statement added, “Revenue was positively impacted and in addition, the volumes of the company’s latest innovation, Trophy Extra Special Stout, supported the increase in revenue during the quarter.

“Building on the company’s vision of ‘bringing people together for a better world’, IB Plc, within the quarter under review, supported our communities by making donations of COVID-19 relief items to support the fight against the pandemic across various states in Nigeria.

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