Nigerian Breweries Plc said on Wednesday its nine-month pretax profit fell by 11.8 percent, year-on-year, to N37.56bn ($188.76m). Third quarter profits (three months to September 30, 2015) also dropped year-on-year by 25 percent to N6.5bn.

The company said that revenue grew 10.4 percent to N214.92bn in the period ending September 30, 2015 and 19 percent for the quarter to N63bn.

The company saw its operating expense rise by 48 percent to N22.1bn for the quarter, a N7bn increase from the same period in 2014.

Finance charges also spiked by 40 percent year-on-year for the quarter to N2.2bn

Nigerian Breweries proposed an interim dividend of N1.20 per share to shareholders, which would be paid between November 12 – 18, 2015.