{"id":55701,"date":"2024-02-17T07:25:24","date_gmt":"2024-02-17T07:25:24","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=55701"},"modified":"2024-02-17T07:25:31","modified_gmt":"2024-02-17T07:25:31","slug":"nigerian-breweries-records-n106bn-loss-in-2023","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/","title":{"rendered":"Nigerian Breweries records N106bn loss in 2023"},"content":{"rendered":"\n<p>Lagos, Feb. 17, 2024: Nigerian Breweries Plc has recorded a net loss of N106 billion for the year ended 2023, as against N13.93 billion posted in its 2022 financials, indicating 860 per cent loss.<\/p>\n\n\n\n<p>Mr Uaboi Agbebaku, Company Secretary, Nigerian Breweries stated this in the audited financial result of the company for the year ended 2023 sent to the Nigerian Exchange Ltd. (NGX)<\/p>\n\n\n\n<p>Agbebaku said the gross profit of the company for the year under review also fell by 0.3 percent to N212.5 billion, compared to N213.20 billion posted in the previous year.<\/p>\n\n\n\n<p>He stated that the operating profit of the company declined by 15.3 per cent to 45 billion, as against N53 billion recorded in the corresponding year.<\/p>\n\n\n\n<p>The company secretary said that the firm recorded loss in its operating profit due to higher input cost and one-off reorganisation cost despite strong and aggressive cost savings and other efficiency measures.<\/p>\n\n\n\n<p>According to him, the company however was able to grow its revenue by nine per cent to N599 billion, compared to N551 billion posted in the previous year, which was aided by positive price mix.<\/p>\n\n\n\n<p>Agbebaku stated that the Nigeria business landscape experienced significant shifts in 2023, with substantial impact on businesses and livelihoods nationwide.<\/p>\n\n\n\n<p>He explained that the Naira notes redesign which resulted in cash shortage that severely hampered social and economic activities nationwide set the tone for a turbulent year.<\/p>\n\n\n\n<p>Agbebaku said: \u201cHigh double-digit inflation rates with food inflation at more than 30 per cent and removal of subsidy on fuel.<\/p>\n\n\n\n<p>\u201cCoupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153 billion further exacerbated the already difficult environment for the populace and businesses.<\/p>\n\n\n\n<p>\u201cIn a difficult operating environment, the Board will ensure that the company builds on its more than 77 years\u2019 experience of operating in Nigeria to cope with current realities.<\/p>\n\n\n\n<p>He said the company would continue to be resilient and forward-thinking, leveraging on its broad portfolio, strong supply chain footprint and passionate workforce to drive long-term value creation for its shareholders and other stakeholders.<\/p>\n\n\n<!-- wp:themify-builder\/canvas \/-->","protected":false},"excerpt":{"rendered":"<p>Lagos, Feb. 17, 2024: Nigerian Breweries Plc has recorded a net loss of N106 billion for the year ended 2023, as against N13.93 billion posted in its 2022 financials, indicating 860 per cent loss. Mr Uaboi Agbebaku, Company Secretary, Nigerian Breweries stated this in the audited financial result of the company for the year ended [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":9989,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[949],"tags":[186],"class_list":["post-55701","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-breweries","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Nigerian Breweries records N106bn loss in 2023 - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nigerian Breweries records N106bn loss in 2023 - The Freezone Channel\" \/>\n<meta property=\"og:description\" content=\"Lagos, Feb. 17, 2024: Nigerian Breweries Plc has recorded a net loss of N106 billion for the year ended 2023, as against N13.93 billion posted in its 2022 financials, indicating 860 per cent loss. Mr Uaboi Agbebaku, Company Secretary, Nigerian Breweries stated this in the audited financial result of the company for the year ended [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/\" \/>\n<meta property=\"og:site_name\" content=\"The Freezone Channel\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-17T07:25:24+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-17T07:25:31+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/02\/Breweries-records-drop-in-profit.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"540\" \/>\n\t<meta property=\"og:image:height\" content=\"374\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"The Freezone Channel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"The Freezone Channel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/\",\"name\":\"Nigerian Breweries records N106bn loss in 2023 - The Freezone Channel\",\"isPartOf\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/02\/Breweries-records-drop-in-profit.jpg\",\"datePublished\":\"2024-02-17T07:25:24+00:00\",\"dateModified\":\"2024-02-17T07:25:31+00:00\",\"author\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/0460d4e5d20a2b7504193e16ded4ecbd\"},\"breadcrumb\":{\"@id\":\"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/#primaryimage\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/02\/Breweries-records-drop-in-profit.jpg\",\"contentUrl\":\"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/02\/Breweries-records-drop-in-profit.jpg\",\"width\":540,\"height\":374},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/thefreezonechannel.com\/old\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Nigerian Breweries records N106bn loss in 2023\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#website\",\"url\":\"https:\/\/thefreezonechannel.com\/old\/\",\"name\":\"The Freezone Channel\",\"description\":\"The Freezone Channel\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/thefreezonechannel.com\/old\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/0460d4e5d20a2b7504193e16ded4ecbd\",\"name\":\"The Freezone Channel\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/0e1cb0150eada82d107bfbbbc52ad392464787ff8e8179b6cd887ed29e35c6ef?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/0e1cb0150eada82d107bfbbbc52ad392464787ff8e8179b6cd887ed29e35c6ef?s=96&d=mm&r=g\",\"caption\":\"The Freezone Channel\"},\"sameAs\":[\"http:\/\/mohammedumomoh@hotmail.com\"],\"url\":\"https:\/\/thefreezonechannel.com\/old\/author\/mohammedumomohhotmail-com\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Nigerian Breweries records N106bn loss in 2023 - The Freezone Channel","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/","og_locale":"en_US","og_type":"article","og_title":"Nigerian Breweries records N106bn loss in 2023 - The Freezone Channel","og_description":"Lagos, Feb. 17, 2024: Nigerian Breweries Plc has recorded a net loss of N106 billion for the year ended 2023, as against N13.93 billion posted in its 2022 financials, indicating 860 per cent loss. Mr Uaboi Agbebaku, Company Secretary, Nigerian Breweries stated this in the audited financial result of the company for the year ended [&hellip;]","og_url":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/","og_site_name":"The Freezone Channel","article_published_time":"2024-02-17T07:25:24+00:00","article_modified_time":"2024-02-17T07:25:31+00:00","og_image":[{"width":540,"height":374,"url":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/02\/Breweries-records-drop-in-profit.jpg","type":"image\/jpeg"}],"author":"The Freezone Channel","twitter_card":"summary_large_image","twitter_misc":{"Written by":"The Freezone Channel","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/","url":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/","name":"Nigerian Breweries records N106bn loss in 2023 - The Freezone Channel","isPartOf":{"@id":"https:\/\/thefreezonechannel.com\/old\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/#primaryimage"},"image":{"@id":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/#primaryimage"},"thumbnailUrl":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/02\/Breweries-records-drop-in-profit.jpg","datePublished":"2024-02-17T07:25:24+00:00","dateModified":"2024-02-17T07:25:31+00:00","author":{"@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/0460d4e5d20a2b7504193e16ded4ecbd"},"breadcrumb":{"@id":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/#primaryimage","url":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/02\/Breweries-records-drop-in-profit.jpg","contentUrl":"https:\/\/thefreezonechannel.com\/old\/wp-content\/uploads\/2019\/02\/Breweries-records-drop-in-profit.jpg","width":540,"height":374},{"@type":"BreadcrumbList","@id":"https:\/\/thefreezonechannel.com\/old\/nigerian-breweries-records-n106bn-loss-in-2023\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thefreezonechannel.com\/old\/"},{"@type":"ListItem","position":2,"name":"Nigerian Breweries records N106bn loss in 2023"}]},{"@type":"WebSite","@id":"https:\/\/thefreezonechannel.com\/old\/#website","url":"https:\/\/thefreezonechannel.com\/old\/","name":"The Freezone Channel","description":"The Freezone Channel","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thefreezonechannel.com\/old\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/0460d4e5d20a2b7504193e16ded4ecbd","name":"The Freezone Channel","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thefreezonechannel.com\/old\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/0e1cb0150eada82d107bfbbbc52ad392464787ff8e8179b6cd887ed29e35c6ef?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/0e1cb0150eada82d107bfbbbc52ad392464787ff8e8179b6cd887ed29e35c6ef?s=96&d=mm&r=g","caption":"The Freezone Channel"},"sameAs":["http:\/\/mohammedumomoh@hotmail.com"],"url":"https:\/\/thefreezonechannel.com\/old\/author\/mohammedumomohhotmail-com\/"}]}},"builder_content":"","_links":{"self":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts\/55701","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/comments?post=55701"}],"version-history":[{"count":0,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/posts\/55701\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/media\/9989"}],"wp:attachment":[{"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/media?parent=55701"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/categories?post=55701"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thefreezonechannel.com\/old\/wp-json\/wp\/v2\/tags?post=55701"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}