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BUSINESS

Nigerian Breweries Records N402bn Revenue in 9 Months

October 31, 2023 • 1 min read

Nigerian Breweries Plc has released the company’s unaudited financial statement for the third quarter ended 31st September 2023, declaring revenue of N402bn for the period.

This represented 2 per cent increase compared to the N393bn 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 per cent from N36bn in 2022 to N28bn 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 N57bn during the period.