International Breweries’ cost of sales buoys to N5.1b
International Breweries Nigeria Plc has demonstrated commitment to end 2018 financial year on positive note, as its Q1 result for the period ended 30 June, 2017, reflects growth, while cost of sales surged.
The company’s report for the three months period ended (first quarter ended 30th June ,2017, showed that revenue grew to N9, 435,371 billion, from N6, 873,787b posted in the corresponding period of the year in 2016.
Cost of sales grew to N5, 143,036b from N3, 463,937b posted in the first quarter 2016. The company’s gross profit grew to N4, 292,335b, which showed remarkable improvement from N3, 409,849b recorded in the first quarter 2016.
Marketing and promotion expenses rose to N412, 751m from N396,027m registered in the preceding 2016 Q2, while, administrative expenses soared to N1, 573,741b, from N1,333,041 recorded in Q2 2016.
Total assets stood at N54,389,966b, which by the end of the preceding first quarter in 2016 closed at N34,123,898b, while at the end of the company’s financial year 31 March, 2017, stood at N44,962,735b.
The company’s total liabilities for the first quarter ended the first quarter period at N30,150, , Total liabilities as at the end of first quarter 2016 stood at N21,783,825 b, while in 2017 audited financial statement for the period ended 31 March ,total liabilities was N31,083,975b.
