The country’s largest brewer, Nigerian Breweries Plc, has released its audited results for the year that ended on December 31, 2023. The findings show a net loss of N106 billion for the company, which was mostly caused by the devaluation of the naira’s effect on its foreign exchange transactions.
According to The Times, the audited figures provided to the Nigerian Exchange Limited revealed that income increased by 9% over the previous 2022 quarter.
Additionally, the business declared an operational profit in 2023 of N44.5 billion. Nevertheless, this was 15% less than the same period the year before, with the reasons for the decline given as a rise in input costs, a one-time reorganization expense, and other economic factors.
The Managing Director/CEO of Nigerian Breweries Plc, Mr. Hans Essaadi, said that the company disclosed that its response to the difficulties posed by the difficult economic environment was to lower business risk by emphasizing a favourable price mix, effective sales operations, robust and aggressive cost control, and other efficiency initiatives.
One such opportunity is acquiring an eighty per cent business stake in Distell Wines and Spirits Limited, a wine and spirits local business. This gives the company the exclusive right to import all Heineken Beverages wine, spirit, and cider brands from South Africa, including the right to market and distribute all of the products in Nigeria and to produce any of the imported brands locally.
Nigerian Breweries Plc is the largest and most pioneering brewing firm in Nigeria and a member of the HEINEKEN Group. The company, known as “Nigerian Brewery Limited,” was founded in 1946 and achieved historical significance in June 1949 when the first bottle of STAR lager beer was produced at its Lagos brewery bottling plant.
It currently boasts a diverse portfolio of 21 premium brands, including well-known ones like Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz, and Legend, which are brewed in nine breweries and sold all throughout the country.
In addition, Nigerian Breweries Plc has won numerous accolades and been acknowledged for its achievements in a number of other operational domains, such as sustainability, corporate social responsibility, productivity and innovation, excellence in marketing, and health and safety.
