Nigerian Breweries Plc reported N402 billion in revenue for the third quarter of 2023, according to the company’s unaudited financial statement, which was made public on September 31, 2023.
According to The Punch, in comparison to the N393 billion reported in the similar period of 2022, this represented a two percent growth.
The Company Secretary/Legal Director, Uaboi Agbebaku, signed a statement stating that the country’s socio-political issues and ongoing strain on disposable money were the reasons for the sales volume fall, even though revenue increased.
Agbebaku observed that because of the decreased sales volume, the depreciation of the naira, growing input costs brought on by the high rate of inflation, and one-time restructuring charges, the operating profit declined by 23 per cent from N36bn in 2022 to N28bn in the current period.
Furthermore, the Company posted a loss after tax of N57 billion during the year as a result of higher interest rates and a sharp increase in foreign exchange losses brought on by the naira’s devaluation.
