Nigerian Breweries Loss Increases by 36% to N145bn
Nigerian Breweries Plc net loss increased sharply over 12 months as the company’s face tough operating challenges that eclipsed its significant revenue surge.
Net revenue of the company rose by more than 79% to N1.074 trillion from N599.509 billion in the comparable year in 2023.
In its audited financial statement for 2024, Nigerian Breweries revealed that net loss climbed by 36.5% year on year to N144.338 billion from N105.769 billion in the comparable period in 2023.
This resulted in a significant loss per share of N12.07 on each shares outstanding. Due to pressure on earnings, Nigerian Breweries Plc has not declared dividend in 2 years.
Nigerian Breweries said its results were shaped by complex and challenging environment, significantly impacting operations and livelihood nationwide.
“Economic pressures, including high inflation rate and devaluation of the naira, drove up operational costs and the price of raw materials’, the company said in its audited report.
Nigerian Breweries recently offered rights issues to shareholders to recapitalise the company. This lifted its total equity significantly.
Its audited statement showed that total equity has increased by 614% year on year to N465.465 billion from N65.169 billion in 2023.
To survive the negative tide, Nigerian breweries embarked on local sourcing and diversified earnings sources with acquisition of majority stake in Distell Wine and Spirit Limited. #Nigerian Breweries Loss Increases by 36% to N145bn#
