In a stark contrast to its 2022 financials, Nigerian Breweries Plc has reported a staggering net loss of N106 billion for the fiscal year 2023, marking an alarming 860 percent increase in losses.
The audited financial results, disclosed by Company Secretary Uaboi Agbebaku, unveil a challenging financial landscape for the brewing giant. The gross profit for the year dipped by 0.3 percent to N212.5 billion, while the operating profit witnessed a significant decline of 15.3 percent, totaling N45 billion compared to N53 billion in the previous year. Agbebaku attributed the operating profit loss to higher input costs and one-off reorganization expenses despite aggressive cost-saving measures.
Although the company managed a nine percent growth in revenue, reaching N599 billion, the tumultuous business landscape in 2023, marked by a cash shortage due to naira notes redesign, high inflation rates, and the removal of fuel subsidies, significantly impacted Nigerian Breweries.
Agbebaku emphasized the company's commitment to resilience, leveraging its extensive experience and portfolio to navigate the challenging operating environment and ensure long-term value creation for shareholders and stakeholders.
