Mr 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)
According to the statement, the naira redesign policy
resulted in a cash shortage that severely hampered social and economic
activities nationwide and set the tone for a turbulent year.
Agbebaku said the gross profit of the company for the year
under review also fell by 0.3 percent to N212.5 billion, compared to N213.20
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 N53 billion recorded in the
corresponding year.
The company secretary said that the firm recorded loss in
its operating profit due to higher input cost and one-off reorganisation cost
despite strong and aggressive cost savings and other efficiency measures.
Nigerian Breweries, according to him, was, however, able to
grow its revenue by nine per cent to N599 billion, compared to N551 billion
posted in the previous year, which was aided by positive price mix.
Agbebaku stated that the Nigeria business landscape
experienced significant shifts in 2023, with substantial impact on businesses
and livelihoods nationwide.
He explained that the Naira notes redesign which resulted in
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 Nigerian Breweries company would continue to be
resilient and forward-thinking, leveraging on its broad portfolio, strong
supply chain footprint and passionate workforce to drive long-term value
creation for its shareholders and other stakeholders.
NAN
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