Following a slow start to the year where first quarter revenue declined by 0.09% Year on Year (YoY), Nigerian Breweries Plc. (NB) reported an even sharper drop in its Q2:2020 financial scorecard. Revenue was down 21.06% in Q2:2020 standalone relative to Q2:2019 – representing the brewer’s worst second quarter performance since Q2:2011. While we alluded to a likely drop off in sales in our Q1:2020 earnings update, we did not envisage this magnitude of decline given that NB typically records the best performance in Q2. At NGN151.81bn, revenue for H1:2020 was 10.80% lower than the corresponding period of 2019.
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