WorldStage Newsonline– Nigerian Breweries Plc has released its unaudited and provisional results for the first quarter (three months) ended 31 st March 2024 with 386.1% rise in group loss after tax to N52.089 billion from N10.715 billion loss in Q1 2023.
However, group revenue rose by 84.2% to N227.120 billion from N123.314 billion in 2023.
A statement by order of the board signed by Uaboi G. Agbebaku, Esq., Company Secretary said, “Our business demonstrated resilience and delivered strong operational performance in the first quarter of 2024 despite the sustained challenging business environment.
“Revenue grew by 84% over last year driven by product innovation and pricing to partly mitigate the effects of increasing input cost, and on the back of a weak Quarter 1 in 2023 which was impacted by cash scarcity that followed the redesign of the naira notes.
“Results from Operating Activities grew by more than 1000%, underlying the strong topline performance and rigorous cost-saving initiatives in the period. However, due to increased interest rates resulting from the upward adjustments in monetary policy rates and continued volatility in the foreign exchange market, the Net Loss in the period rose by about 391% versus same quarter in 2023.
“Looking forward, while the Nigerian business environment remains turbulent in the short term, we maintain our unwavering belief in the country’s positive long-term market fundamentals.
“We are committed to navigating these challenges with the implementation of our business recovery plan, which is a business-wide reorganisation programme involving the optimisation of our operations for efficiency, and capital injection via a rights issue with a view to improving our financial position.
“The Board remains confident of our long-term strategy to deliver value to our Shareholders.”
