A breakdown of the results shows a decline in revenue compared to the ₦170 billion recorded in the corresponding period of 2019.
The half-year results for the 2020 financial year show a strong balance sheet for the Company despite several factors that negatively impacted on the Company's operations – such as an increase in Excise Duty, a rise in inflation, an increase in VAT from 5% to 7.5%, as well as the impact of the coronavirus (Covid-19) pandemic on businesses worldwide. Despite these challenges, the Company’s financial position shows stability and sustained profitability.
To support the fight against the Covid-19 pandemic, the Company, during the period under review, made various donations in cash and kind valued at about ₦531 million out of a phased commitment of ₦600 million to the Federal and State Governments’ Covid-19 Relief Funds.
The Board of Directors commended the Company’s Management for its efforts to mitigate the impact of the pandemic on the business, as well as the prudent management of its resources as reflected in a 7% reduction in expenses incurred on marketing, distribution, and administration. The Board expressed confidence that the Company is well-positioned to continue to deliver return on investment to Shareholders.
According to the Board, the Company's priority during this period “remains ensuring the health, safety and welfare of employees, customers and partners."
