Inter’l Breweries complain of Nigeria’s business environment amid N3.14bn loss
International Breweries said foreign exchange illiquidity and other factors affected the business of the firm, after suffering N3.14 billion net loss in Q3 2022.
The brewer failed to surpass the N2.21 billion recorded during the corresponding period last year despite reporting growth in turnover, which closed the Q3 period with N49.02 billion, above the N46.43 billion revenue generated for third quarter 2021.
Complaining about the business environment in Nigeria, International Breweries stated on Monday, in a corporate document obtained by Ripples Nigeria, that:
“The last three months have been characterized by elevated inflationary pressure which has had an impact on consumer disposable income”, the statement reads in part.
Read also:Nigeria’s capital market posts N49.3bn gain as FTN Cocoa, International Breweries attract investors
International Breweries further stated that the period experienced severe weather with a longer rainy season and floods in the firm’s key markets.
Ripples Nigeria had reported that flood took over 20 states in the country, with hundreds reported dead, and millions displaced in the past months.
Explaining the situation further, International Breweries said, “Gross profit and margins declined on elevated costs largely due to higher energy prices, FX illiquidity, commodity costs headwinds, severe weather, and overall inflationary pressures.”
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