The pace at which the net profit of Nigerian Breweries accelerated in 2022 was considerably weaker than that of its revenue as record inflation in Nigeria pushed up expenses and other income dropped by 35.4 per cent.
Revenue was up by a quarter at N550.6 billion, less than one per cent of that earned from exports to countries outside its primary market Nigeria.
Cost of sales, totalling N337.3 billion, gulped N60.4 billion more than a year earlier, according to details of the brewer’s audited financials. This is largely due to surge in raw materials spending, which alone accounted for 73.1 per cent of the expenses.
