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Nigeria

Nigerian Breweries: NIGERIAN BREWERIES: Q2 17 earnings – a strong rebound despite weaker volumes

    Esili Eigbe
    Esili Eigbe

    Head of Consumer Research

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    Tellimer Research
    2 August 2017
    Published byTellimer Research
    NB published H1 17 earnings result last week, posting EPS of NGN2.95 for the period, +24% yoy, tracking ahead of our FY17f estimates. This implies Q2 17 EPS of NGN1.53, +43% yoy and +7% qoq. Other highlights: (1) revenue rose 15% yoy to NGN181bn in H1 17, +12% yoy and -2% qoq in Q2 17; (2) EBIT rose 15% yoy to NGN38.6bn in H1 17, +27% yoy and +4% qoq in Q2 17; (3) PBT rose 33% yoy to NGN34.0bn in H1 17, +57% yoy and -5% qoq in Q2 17; (4) net operating cash flow rose 23% yoy in and +67% qoq to NGN21.4bn in Q2 17; (5) capex rose 183% yoy and +10% qoq to NGN6.5bn in Q2 17; (6) gross debt rose 57% qoq to NGN15.1bn at the end of Q2 17.