You remember last year when the federal government introduced additional excise duties on alcohol beverages?

That measure has taken a toll on the profits of Nigeria’s top alcohol beverage maker, Nigerian Breweries Plc.

On Monday, the beverage maker attributed its 41% drop in profit after tax for the financial year ended December 31, 2018 to the increased excise duty rates.

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Uaboi Agbebaku, NB Company Secretary/ Legal Director, said in a statement in Lagos on Monday that increased excise duty that came into effect during the year under review adversely affected its audited result.

“The 2018 results were adversely impacted by the increased excise duty rates that came into effect during the year and a challenging operating environment,” Agbebaku said.

He said that the company during the period under review posted profit after tax of 19.4 billion naira against 31.6 billion naira achieved in the corresponding period, a decrease of 41%.

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According to him, the revenue also dipped by 6% to 324.4 billion naira from the 344.5 billion naira recorded in 2017.

Agbebaku said that the company recommended a total dividend of 19.4 billion naira, translating to 2.43 naira per share to be approved by shareholders at the Annual General Meeting slated for May.

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