International records N49 billion revenue in Q3

International Breweries Plc has posted its Q3 results, which show a record 5.6% growth in revenue to record N49 billion, from N46 billion in Q3 2021.

However, increased costs of sales and other expenses led to a loss for the period to the tune of N3.1 billion, compared to N2.2 billion same time last year. This is a result of a reduction in volume momentum following a strong first half of the year.

The company’s unaudited financial statement for three months ended 30th September shows that International Breweries saw a jump in its cost of sales for the period amid rising inflation.

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During the period, the cost of sales was valued at N38 billion, a 17% high from the N33 billion in the same period last year, while the gross profit stood at N10 billion, from N13 billion in the same period last year. Similarly, other expenses grew significantly to N1.3 billion, from N131 million in Q3 last year.

The company, in a statement, however, said its volumes declined in the third quarter of 2022 due to a soft industry and ongoing supply chain constraints.