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BY SUNNY A. DAVID, AWKA
Nigerian Breweries Plc has
lost N106.3billion to scarcity of dollar and the workforce has been reduced by 380 workers.
The brewer struggled with the loss induced by surging cost and the naira floating policy of the Central Bank of Nigeria last year.
The Nigeria Breweries joined brewery firms like International Breweries Plc which declared N59.5bn net loss in 2023 and Champion Breweries which is also struggling.
In 2023, breweries in Nigeria struggled with the high cost of operations and sourcing expensive foreign exchange to purchase raw materials for their beer and soft drink business.
Nigerian Breweries audited financial statement results for 2023 analysed by our sources and made available to our correspondent show that their desired destination of sustained profitability is still a long way off.
The brewery company which is the largest listed beer maker on the Nigerian Exchange Limited posted a revenue growth of 9 per cent from N550.5bn in 2022 to N599.5bn by the end of 2023.
The company recorded an unimpressive yearly loss which is huge by the standards of a firm whose business model is based on spending heavily to keep rivals out of the picture.
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