Nigerian Breweries records N402bn revenue in nine months

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 two 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.