Nigeria’s biggest beer maker, Nigerian Breweries, plunged deeper into loss in the nine months to September compared to the same period of last year as the brewer’s net loss soared by more than 161 per cent according to its earnings report issued Wednesday.
A mix of factors ranging from the country’s galloping inflation, exchange rate volatility and accelerating input costs drove the less impressive performance.
“The increase in Net Loss was again significantly influenced by FX loss due to the devaluation of the Naira and high borrowing costs arising from higher interest rates,” the company said in a separate statement.
