Products of Nigerian Breweries
2023: Nigerian Breweries Profit Decline By 23% In Nine Months
…..Records N57bn Loss After Tax
Yinka Olajoyetan, Lagos
Nigerian Breweries Plc, Nigeria’s foremost brewing company has recorded a 23 percent decline in profit due to high rate of inflation and the devaluation of the Naira as well as a one-off restructuring cost.
According to the Company’s unaudited financial statement for the third quarter (nine months) ended 31st September 2023, which was released by the Board of Directors of Nigerian Breweries Plc, the company declared a revenue of N402 billion for the period. This represents a 2% increase compared to the N393 billion recorded in the 2022 corresponding period.
In the financial statement which was signed by the Company Secretary/Legal Director, Uaboi Agbebaku, the company said that the increase in revenue was recorded despite a decline in sales volume caused by the continuing pressure on disposable income and the socio-political challenges in various parts of the country.
Agbebaku noted that due to the lower sales volume, rising input costs as a result of the high rate of inflation and the devaluation of the naira as well as a one-off restructuring cost, the operating profit declined by 23% from N36 billion in 2022 to N28 billion in the current period.
Further, due to higher interest costs and a huge increase in foreign exchange losses due to the devaluation of the Naira, the Company recorded a loss after tax of N57billion during the period
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