Nigerian Breweries Blames Incraesed Tax For 2018 Profit Decline
Nigerian Breweries Plc has recorded a 41 per cent drop posted in profit after tax for the financial year ended December 31, 2018. This the firm blamed on increased excise duty rates. Nigerian Breweries Plc NB's Company Secretary/ Legal Director, Uaboi Agbebaku said in a statement in Lagos that increased excise duty that came into effect during the year under review adversely affected its audited result. “The 2018 results were adversely impacted by the increased excise duty rates that came into effect during the year and a challenging operating environment,” agbebaku said. He said that the company during the period under review posted profit after tax of N19.4 billion against N31.6 billion achieved in the corresponding period, a decrease of 41 per cent. According to him, the revenue also dipped by six per cent to N324.4 billion from the N344.5 billion recorded in 2017. Agbebaku said that the company recommended a total dividend of N19.4 billion, translating to N2...