▪︎Mr Hans ESSAADI, Managing Director/CEO
DESPITE the N51.3 billion spent on advertising and sales promotion by the Nigerian Breweries Plc, the giant brewer reported a N106.3 billion loses for the financial year ended December 2023.
Based on this, the Company’s Board of Directors has notified its shareholders that it did not recommend any dividend for the full year 2023.
In its Consolidated and Separate Financial Statements for the period under review, the Company’s Secretary, Uaboi Agbebaku, explained that the 2023 results were impacted by the significant shifts in the business landscape with substantial impact on businesses and livelihoods nationwide.
” These included the redesign of the naira notes which resulted in cash shortages that severely hampered social and economic activities nationwide set the tone for a turbulent year.
High double-digit inflation rates (with food inflation at more than 30%), removal of subsidy on premium motor spirit (fuel), devaluation of the naira, and foreign exchange scarcity further exacerbated the already difficult environment for the populace and businesses,” he said.
” The Company’s Board of Directors has notified its shareholders that it did not recommend any dividend for the full year 2023.”
A look at the financial statements indicated that the company made N599.6 billion revenue from its operating activities in 2023 .
Of this figure, N599.3 billion came from its Nigerian operations, while N335.4 million was from export sales.
Its income tax for the period stands at N38.9 billion.