By Osinachi Gift Apr, 01, 2022 Private

International Breweries PLC has launched its 2021 FY Audited Financial Statement, revealing a loss after tax of N17.66 billion from a loss of N16.06 billion in 2020. Meanwhile, Revenue for the duration raked in N182.30 billion, representing an increase of 33.27%.

The company's loss before tax increased to N8 billion in 2018 from the N3.23 billion That was recorded in 2017. This represents 148.9%, which stood at N3.86 billion, indicating 177.1% higher than the profit after tax the company realized in the same period in 2017.

This indicates that the brewery has declared a bottom-line loss for three consecutive years since 2018, posting a loss of N3.93 billion. In 2019, the loss was declared spiraled by an overwhelming 607% to N27.79 billion and declined in 2020 to N16.08 billion. Within the three years, the business enterprise grew its revenue by over 51% on the basis of inflationary pressures driven by rises in prices of goods and services over the years.

In the FY 2021 period ended December 2021, the third most-capitalized brewery listed revenue growth on the back of the inflationary pressures all through the period, which most of the Fast-moving consumer goods (FMCGs) benefitted from, particularly during the festive season.

The back-to-back announcement of losses might suggest that the corporation lacks efficient cost and management control practices because the three audited periods show extensive increase in Employee benefits expenses, Depreciation, and Amortization.

International Breweries Plc generates its sales from contracts with customers, which is prominent among Key accounts and Distributors. While revenue from Distributors made up 96.80% of the company's general sales, appreciating by 31.32% from N134.38 billion to N176.46 billion, revenue from Key accounts stood at N5.84 billion.

The company's gross assets are now at N469.95 billion and net assets declined by 10.83% to N135.50 billion. 

International Breweries Plc is now trading at N4.40 per share & its market capitalization stands at N118.19 billion on Thursday, March 31, 2021. 

Year-to-date performance indicates that the company's share price has lost 11.11%.

Tags: International Breweries Plc International Breweries Plc stocks IBP records loss International Breweries shares Share price of International Breweries declines

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