Agbebaku stated that the Nigerian business landscape experienced significant shifts in 2023, with a substantial impact on businesses and livelihoods nationwide.
Nigerian Breweries Plc has recorded a net loss of ₦106 billion for the year ended 2023, as against ₦13.93 billion posted in its 2022 financials, indicating an 860 per cent loss.
Uaboi Agbebaku, Company Secretary, Nigerian Breweries, stated this in the audited financial result of the company for the year ended 2023 sent to the Nigerian Exchange Ltd. (NGX)
Agbebaku said the gross profit of the company for the year under review also fell by 0.3 per cent to ₦212.5 billion, compared to ₦213.20 billion posted in the previous year.
He stated that the operating profit of the company declined by 15.3 per cent to 45 billion, as against ₦53 billion recorded in the corresponding year.
The company secretary said that the firm recorded a loss in its operating profit due to higher input costs and one-off reorganisation costs despite strong and aggressive cost savings and other efficiency measures.
According to him, the company, however, was able to grow its revenue by nine per cent to ₦599 billion, compared to ₦551 billion posted in the previous year, which was aided by a positive price mix.
Agbebaku stated that the Nigerian business landscape experienced significant shifts in 2023, with a substantial impact on businesses and livelihoods nationwide.
He explained that the Naira notes redesign, which resulted in a cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.
Agbebaku said: “High double-digit inflation rates with food inflation at more than 30 per cent and removal of subsidy on fuel.
“Coupled with the impact of the devaluation of the naira, which resulted in a foreign exchange loss of N153 billion, further exacerbated the already difficult environment for the populace and businesses.
“In a difficult operating environment, the Board will ensure that the company builds on its more than 77 years experience of operating in Nigeria to cope with current realities.”
He said the company would continue to be resilient and forward-thinking, leveraging its broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders.
