Equity Analysis /

International Breweries: INTERNATIONAL BREWERIES: Weak bottom line, but encouraging volume growth

    Esili Eigbe
    Esili Eigbe

    Head of Consumer Research

    Tellimer Research
    9 April 2018
    Published byTellimer Research
    International Breweries reported its FY17 (9M ending Dec) earnings results last week, posting EPS of NGN0.36, +15% yoy based on a weighted number of shares for the period. This implies Q3 17 EPS of NGN0.25, -42% yoy also based on weighted shares during the period. The company also announced that it will not be declaring a dividend for the period, a repeat of the previous year due to weak earnings and high debt levels.