Nigerian Breweries Plc has disclosed its unaudited financial statement for the third quarter ending on September 30, 2023, revealing a total revenue of N402 billion.

This marked a 2% increase compared to the N393 billion generated in the same period in 2022.

The company’s statement, signed by Uaboi Agbebaku, the Company Secretary/Legal Director, highlighted the revenue growth amid challenges such as reduced sales volume due to ongoing economic strains and socio-political issues across Nigeria.

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The decrease in sales volume, rising input costs triggered by high inflation rates and naira devaluation, as well as a one-time restructuring cost, contributed to a 23% decline in operating profit, falling from N36 billion in 2022 to N28 billion in the current period.

Moreover, increased interest expenses and significant foreign exchange losses resulting from naira devaluation led to a net loss of N57 billion during the quarter.