AGS NEWS – Nigerian Breweries’ foreign exchange losses increased to N160.48bn by the end of the third quarter, according to unaudited results submitted to the Nigerian Exchange Limited on Wednesday.

The company’s FX loss rose by 84.83% from N86.83bn in September 2023 to N160.48bn in the same period of 2024. Within the last three months, losses increased by N48.21bn, reaching N112.27bn by June.

ALSO READ: Nigerian breweries implements price increase on products

Despite a 74.9% revenue growth to N703bn, the company posted a loss after tax of N149.50bn, up by 161.39%.

Managing Director Hans Essaadi highlighted the impact of naira devaluation, high borrowing costs, and inflation but expressed optimism that a recent N599bn rights issue would help reduce FX exposure.