Nigerian Breweries Plc recently unveiled its unaudited financial statement for the third quarter ending on September 30, 2023. Despite the headwinds faced during this period, the company reported a revenue of N402 billion, representing a two percent increase compared to the N393 billion recorded in the same period in 2022.
This positive revenue growth is a testament to Nigerian Breweries’ resilience in the face of challenging circumstances. The statement, signed by Company Secretary and Legal Director Uaboi Agbebaku, highlighted the factors contributing to this performance.
Despite the revenue increase, the company faced several challenges, including a decline in sales volume. This decline was attributed to ongoing pressure on disposable income and socio-political challenges in various parts of the country, indicating the impact of external factors on consumer behavior.
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However, the company’s operating profit declined by 23 percent, falling from N36 billion in 2022 to N28 billion in the current period. This reduction was due to a combination of factors, including lower sales volume, rising input costs driven by high inflation rates, and the devaluation of the naira. Additionally, a one-off restructuring cost added to the operational challenges.
Notably, Nigerian Breweries reported a loss after tax of N57 billion during the period. This substantial loss was influenced by higher interest costs and a significant increase in foreign exchange losses, primarily attributed to the devaluation of the naira.
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