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International Breweries Plc has reported a pre-tax profit of N35.06 billion for the first quarter ended March 31, 2025, recovering from a loss of N89.3 billion during the same period last year.
This shift is primarily attributed to an increase in revenue and a reduction in expenses related to foreign exchange losses.
Revenue from the sale of beer and non-alcoholic malt beverages rose by 68.2%, increasing from N103.2 billion in Q1 2024 to N173.6 billion.
However, the cost of sales also increased by 53.3%, reaching N113.9 billion, up from N74.3 billion in the previous year.Notwithstanding, gross profit increased to N59.6 billion, which is a 106.7% rise year-over-year.
Less favorably, administrative and selling expenses spiked to N27.4 billion from N21.8 billion in the prior year.
However, the company significantly reduced other expenses, primarily consisting of net foreign exchange losses, to N581.4 million from N80.5 billion in Q1 2024.As a result, operating profit rose to N31.5 billion, compared to a loss of N80.5 billion in Q1 2024.Total assets were reported at N742.9 billion, reflecting a modest increase of 2.07%.
Key Highlights:
Revenue: N173.6 billion, +68.2% YoYCost of sales: N113.9 billion, +53.3% YoYGross profit: N59.6 billion, +106.7% YoYAdministrative, marketing, and distribution expenses: N27.4 billion, +25.7% YoYOther expenses: N581.4 million, +99.3% YoYOperating profit: N31.5 billion, +139.1% YoYPre-tax profit: N35 billion, +139.2% YoYTotal Assets: N742.9 billion, +2.07% YoYAs of the close of trading on April 28, 2025, shares of International Breweries were priced at N8.47, with a year-to-date performance of 152.6%.
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