International Breweries records N21.28 billion loss in three months

The second quarter of 2023 wasn’t a great period for International Breweries, as the brewer saw its loss increase significantly between April to June.

In a financial statement obtained on Thursday disclosing the firm’s earnings in Q2 this year, International Breweries recorded a loss of N21.28 billion after tax.

During the corresponding period in 2022, International Breweries posted a N384.96 million loss after tax. The loss increased by 5,429%.

Although the company generated N61.73 billion in revenue from the sales of its alcoholic and non-alcoholic drinks in Q2 2023, in contrast to the N53.88 billion generated in the corresponding period last year.

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However, a substantial portion of the firm’s revenue went to the cost of sales, which gulped N47.36 billion, compared to the N41.22 billion spent on its products in the same period last year.

Since the end of the second quarter, investors have been dumping International Breweries shares, this has cost the company’s shareholders 16.34 per cent of their investments.

Investors’ apathy has gripped the firm, resulting in a loss of N16.11 billion in shareholders’ total investments in the third quarter this year, as International Breweries’ market capitalisation dropped to N123.56 billion, from N139.68 billion.

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