BREAKING: Nigerian Breweries reports N144.34bn loss in 2024
Nigerian Breweries Plc on Friday announced its audited full year ended December 31, 2024, result and accounts with N144.34 billion loss from N105.8 billion loss declared in 2023.
The multinational company also declared a loss before tax of N182.42 billion in 2024 from N144.69 billion in 2023.
About N157.59 billion net loss on foreign exchange transactions impacted on the company’s performance in 2024 and the management will not be paying dividend to shareholders for the second consecutive year.
Nigerian Breweries announced on the Nigerian Exchange Limited (NGX) a revenue of N1.08 trillion in 2024, about 80.8 per cent increase over N599.64 billion in 2023.
According to the company, the 2024 results were shaped by a complex and challenging business environment, significantly impacting operations and livelihoods nationwide.
“Economic pressures, including high inflation rates, and the devaluation of the naira, drove up operational costs and the price of raw materials. Nigeria’s inflation rate soared to a near 30-year high of 34.8per cent in December 2024.
“Despite these hurdles, the company demonstrated resilience through strategic adaptation including a recapitalization of the company through a rights issue, increased local sourcing, innovations and further diversification through the completion of the acquisition of majority stakes in Distell Winnes and Spirits Nigeria Limited,” the management explained.
