Brewers Suffer N170bn Loss from Naira Slide, Rate Hikes.
Nigerian brewers, including Champion Breweries Plc, Nigerian Breweries Plc, International Breweries Plc, and Guinness Nigeria Plc, reported a combined loss of N169.7 billion in Q1 2024, largely due to naira devaluation and rising interest rates. This compares to a total loss of N54.3 billion (excluding Guinness Nigeria’s profit of N1.84 billion) in Q1 2023. The devaluation and high rates have increased production costs and strained profit margins. Additionally, low consumer spending, driven by reduced purchasing power, has exacerbated the financial struggles of these companies.
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