The results show that the results from operating activities of the Company improved by 0.10 per cent from N33.90 billion in the first half of 2015 to N33.94 billion in the corresponding period in 2016. A further analysis shows that Profit Before Tax (PBT) dipped by 17.64 per cent from N33.99 billion in the period under review in 2015 to N25.52 billion in the same period in 2016 while Profit After Tax (PAT) dropped by 11.24 per cent to N19.06 billion in the current period from N21.47 billion in the same period in 2015.
A statement by the Board of Directors said in the first half of 2016, the Company was able to deliver top line growth with revenue increasing by 4 per cent compared to the first six months of 2015. It added that rising inflation combined with higher inputs costs as a result of scarcity of foreign exchange, led to a flat operating profit compared with the preceding year. Despite a lower interest cost from the Commercial Paper Programme, PAT declined by 11 per cent, mainly due to foreign exchange losses arising from the rates going up in June.
The statement signed by the Company Secretary/Legal Adviser, Mr. Uaboi Agbebaku, further said although the Board expects the operating environment in 2016 to remain challenging for the rest of the year, the Company remains focused on its twin agenda of Cost Leadership and Market Leadership supported by innovation and the Board remains positive on the Nigerian market for the medium and long term.