The Board of Directors of Nigerian Breweries Plc, Nigeria’s foremost brewing company, has released the Company’s unaudited financial statement for the third quarter (nine months) ended 31st September 2023, declaring a revenue of N402 billion for the period.
This represents a 2% increase compared to the N393 billion recorded in the 2022 corresponding period.
According to a statement signed by the Company Secretary/Legal Director, Uaboi Agbebaku, 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 N57 billion during the period.