• Latest
  • Trending

Nigerian Breweries records N106bn loss, equity shrinks to lowest in years

February 22, 2024

Nigerian Healthcare Worker, Jailed for Sexually Assaulting UK Female Patient

June 15, 2025

Plateau CAN Chairman,Rev. Fr. Polycarp Lubo, Passes Away

June 15, 2025

Cross-Border Sting: Police Recover Stolen Nigerian Vehicles in Ghana, Niger; Arrests Made

June 15, 2025

Shettima Snub Sparks Uproar at APC North-East Stakeholders’ Meeting

June 15, 2025

Dad’s Kidney Gift Makes Son’s Dream Wedding Possible

June 15, 2025

Saudi Prince Awakens from Coma After Years: A Story of Hope and Resilience

June 15, 2025

UI College of Medicine Celebrates $1 Million Alumni Gift with New Students’ Hostel

June 15, 2025

Bandit kingpins surrender arms and release 16 kidnapped victims, pledging peace.

June 15, 2025

NDLEA Cracks Down Hard: Iran-Bound Courier Nabbed with Cocaine,Billions in Opioids Seized Nationwide

June 15, 2025

Benue youths protest killings, block roads in Makurdi

June 15, 2025

Reckless Tricyclist Injures Pedestrian in Ibadan: OYRTMA Cracks Down on Traffic Violations

June 15, 2025

Agbakoba Slams Governors: “36 States Doing Nothing” — Calls for Power Devolution to Boost Democracy

June 15, 2025

PINL’s Pipeline Surveillance Sparks Environmental Revival in Niger Delta

June 15, 2025

Tehran Under Intense Israeli Airstrikes as Iran Retaliates with Missile Barrages

June 15, 2025

Tinubu Administration Allocates N60 Billion to Gombe for Agro-Livestock Industrial Zone

June 15, 2025

Military Parade Marks U.S. Army’s 250th Anniversary Amid Nationwide ‘No Kings’ Protests

June 15, 2025

Escalation: Iran and Israel Trade Deadly Blows in Widening Conflict

June 15, 2025

The 11A Enigma: Two Crashes, Two Survivors, One Seat

June 14, 2025

Diri to Deliver UNIPORT’s 35th Convocation Lecture, Pledges Legacy Project

June 14, 2025

Bayelsa Eyes Top Spot in Nigerian Sports..

June 14, 2025

Dangote Foundation Brings Timely Relief to 30,000 Oyo Residents

June 14, 2025

Ogbomoso Observes Oro Festival: Women’s Movement Restricted Overnight

June 14, 2025

Trio Charged for Bank Burglary and Laptop Theft in Ibadan

June 14, 2025

Three Women Accuse Nightclub Patron of Brutal Assault in Port Harcourt; Police Investigate

June 14, 2025

Canada Returnee Jailed for Assaulting Lagos KAI Official at Ojota

June 13, 2025

EFCC Arraigns Jesam Michael for alleged Investment Scam

June 13, 2025

Eight Boys Arrested in Lagos Island Cult-Related Brawl: Dangerous Weapons Seized

June 13, 2025

“You Are My Hope”: Pope Leo XIV’s Call to Action on World Day of the Poor

June 13, 2025

EFCC Arraigns Top Executives of Sun Trust Bank over Alleged $12m Fraud

June 13, 2025

Sole Survivor of Air India Crash Shares Harrowing Escape from Fiery Disaster

June 13, 2025
ADVERTISEMENT
  • Home
  • BREAKING NEWS
  • Tech
  • Entertainment
  • Lifestyle
  • Education
    • Sports
ValidView Network - Breaking News, Nigerian News, Nigerian newspapers, Entertainment, Videos, Sports, Business and Politics.
ADVERTISEMENT
  • Home
  • BREAKING NEWS
  • Tech

    CBN awards OPay for financial inclusion innovation

    Why Motorcycle Prices Are Soaring in 2024

    East Africa faces Internet disruptions due to cable faults

    Data consumption in Nigeria surged to 721,522 terabytes in January 2024 – NCC

    Nigerian Technology Ignited Investment Conference & Exhibition Sparks Strategic Partnerships for Economic Growth

    WhatsApp announces new feature on the Messaging App

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • CELEBRATIONS
    • Gaming
    • History and Culture
    • Movie
    • Music
    • Sports

    “I Am Human Too” – Abiola Adebayo Responds to Divorce Backlash

    FULL LIST: Ayra Starr wins BET Award’s Best International Act

    Why Awujale was absent from 2025 Ojude Oba — Festival coordinator

    King of steeze returns: Farooq Oreagba steals show again at Ojude Oba 2025

    PICTORIAL: Ilorin celebrates 2025 Durbar Festival in grand style

    Osimhen back in Nigeria, to decide on Al Hilal move

  • Lifestyle
    • All
    • Health

    Doctors Testing ‘Poo Pills’ to Combat Deadly Superbugs

    NAFDAC flags VDM for inciting Onitsha traders over drug raidsVeryDarkMan

    Childbirth: Ban religious centres from taking deliveries, gynaecologists tell govt

    Niger gov makes a u-turn on dreadlocks ban following public outcry

    Rivers, Benue, A’Ibom top Nigeria’s 2m HIV patients

    From School Father To Now His Personal Assistant

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Education
    • Sports
No Result
View All Result
  • Home
  • BREAKING NEWS
  • Tech

    CBN awards OPay for financial inclusion innovation

    Why Motorcycle Prices Are Soaring in 2024

    East Africa faces Internet disruptions due to cable faults

    Data consumption in Nigeria surged to 721,522 terabytes in January 2024 – NCC

    Nigerian Technology Ignited Investment Conference & Exhibition Sparks Strategic Partnerships for Economic Growth

    WhatsApp announces new feature on the Messaging App

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • CELEBRATIONS
    • Gaming
    • History and Culture
    • Movie
    • Music
    • Sports

    “I Am Human Too” – Abiola Adebayo Responds to Divorce Backlash

    FULL LIST: Ayra Starr wins BET Award’s Best International Act

    Why Awujale was absent from 2025 Ojude Oba — Festival coordinator

    King of steeze returns: Farooq Oreagba steals show again at Ojude Oba 2025

    PICTORIAL: Ilorin celebrates 2025 Durbar Festival in grand style

    Osimhen back in Nigeria, to decide on Al Hilal move

  • Lifestyle
    • All
    • Health

    Doctors Testing ‘Poo Pills’ to Combat Deadly Superbugs

    NAFDAC flags VDM for inciting Onitsha traders over drug raidsVeryDarkMan

    Childbirth: Ban religious centres from taking deliveries, gynaecologists tell govt

    Niger gov makes a u-turn on dreadlocks ban following public outcry

    Rivers, Benue, A’Ibom top Nigeria’s 2m HIV patients

    From School Father To Now His Personal Assistant

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • Education
    • Sports
No Result
View All Result
ValidView Network - Breaking News, Nigerian News, Nigerian newspapers, Entertainment, Videos, Sports, Business and Politics.
No Result
View All Result

Nigerian Breweries records N106bn loss, equity shrinks to lowest in years

ValidViewNetwork by ValidViewNetwork
February 22, 2024
in Business
0 0
0
Home News Business
ADVERTISEMENT
0
SHARES
45
VIEWS
Share on FacebookShare on Twitter
ADVERTISEMENT
Spread the love

Nigerian Breweries Plc travelled on the path of losses all the way from the first to the final quarters in 2023, building a huge loss of N106.3 billion for the year.

The loss has drained off much of the company’s equity resources, which shrank from N180 billion in the prior year to N63.3 billion—the lowest equity cushion for the company in many years.

The audited financial report of the brewing company for the year ended December 2023, shows that the loss driver is a net foreign exchange (FX) loss of N153.3 billion, which swelled all the way from an FX loss of N26.3 billion in 2022.

Added to that is finance costs, which multiplied more than four times in the year to N36.4 billion at full-year, reflecting the company’s enlarged balance sheet debts.

Nigerian Breweries operated with interest bearing debts of N341.6 billion in 2023, close to three times the outstanding borrowings of N122.2 billion at the beginning of the year.

The last quarter produced N49.3 billion or 46.4 percent of the full-year’s loss, which extended the closing loss figure of N57 billion for the third quarter.

Advertisement. Scroll to continue reading.

The final quarter loss was propelled by a further net FX loss of N19.5 billion in the quarter that topped up the third quarter closing level of N86.8 billion to the full-year figure of N106.3 billion.

Apart from net FX losses and the cost of finance, the company was pressured by increased production costs that consumed more than all the gains in sales revenue in the year.

While sales revenue grew by N49 billion to N599.6 billion in the year, production costs rose by roughly N50 billion to close at N387 billion. This means additional sales revenue was insufficient to cover the additional cost needed to produce the units of the products sold.

The cost-income imbalance was reflected by a decline in gross profit from N213.3 billion to N212.6 billion over the review period.

Further constraints came from a decline in other income and increases in sales, distribution, and administrative expenses. These led to a drop in operating profit from N51.7 billion in 2022, to less than N44 billion in 2023.

ADVERTISEMENT

Foreign exchange losses with finance expenses created a huge net finance cost of N189.2 billion at full-year, advancing all the way from the net finance cost of N34.4 billion in the preceding financial year.

ADVERTISEMENT

Net finance costs gulped the operating profit of N44 billion and produced a pre-tax loss of N145.2 billion for the year. This is against a pre-tax profit of N17.3 billion the company posted in 2022.

A tax credit of N38.9 billion helped to reduce the net loss for the year to N106.3 billion compared to an after-tax profit of N13.2 billion the company earned in 2022.

The loss for the year has dug a hole in the capital account of the company, wiping out retained earnings of N91.9 billion in the preceding financial year and creating a retained deficit of N26.3 billion at the end of 2023.

In effect, the company’s capital base has thinned down from N180.9 billion in 2022 to N63.3 billion at the end of 2023. This is the lowest capital stock for the brewing company in many years.

Nigerian Breweries has operated at losses every quarter since the third quarter of 2022 and FX losses have been the major source of the operating pressure all along. In 2022, net FX loss multiplied close to four times to over N26.3 billion.

Do you want to share a story with us?
Do you want to advertise with us?
Do you need publicity for a product, service, or event?
Contact us on WhatsApp +2348033617468, +234 816 612 1513, +234 703 010 7174
or Email: validviewnetwork@gmail.com
CLICK TO JOIN OUR WHATSAPP GROUP
ADVERTISEMENT
Previous Post

Governors receive N30bn each to reduce hardships – Akpabio

Next Post

Cost Of Living: Lagos Civil Servants To Work Three Days A Week

ValidViewNetwork

ValidViewNetwork

Next Post

Cost Of Living: Lagos Civil Servants To Work Three Days A Week

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Get the latest news from ValidViewNetwork
Loading

SPONSORED ADVERT

SPONSORED ADVERT

As the Lord liveth, you are feeling bushing this 6th month better and stronger than the way you started it in Jesus Mighty Name. Our angels of good news shall locate us this month. Shalom!

  • Home
  • BREAKING NEWS
  • Tech
  • Entertainment
  • Lifestyle
  • Education

© 2022 ValidViewNetwork - Website Developed by HaybeeMultimedia.

No Result
View All Result

© 2022 ValidViewNetwork - Website Developed by HaybeeMultimedia.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist