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 ended September31, 2023 to the ma segment and stockbrokers of the Nigerian Exchange (NGX).
The company declared a revenue of N402 billion for the period, which represents a 2 per cent increase compared to the N393 billion recorded in the corresponding period of 2022.
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.
He 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 per cent 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.