Nigeria Breweries Sack s Over 380 Workers As Dollar Scarcity Pushes Coy’s Loss To N106.3bn
LAGOS FEBRUARY 18TH (NEWSRNAGERS)-Nigerian Breweries Plc’s workforce has been reduced by 380 workers as the brewer struggled with the loss induced by surging cost and the naira floating policy of the Central Bank of Nigeria last year.
NB joined brewery firms like International Breweries Plc which declared N59.5bn net loss in 2023 and Champions Breweries which is also struggling.
In 2023, breweries in Nigeria struggled with the high cost of operations and sourcing expensive foreign exchange to purchase raw materials for their beer and soft drink business.
Nigerian Breweries audited financial statement results for 2023 analysed by THE WHISTLER show that their desired destination of sustained profitability is still a long way off.
The brewery company which is the largest listed beer maker on the Nigerian Exchange Limited posted a revenue growth of 9 per cent from N550.5bn in 2022 to N599.5bn by the end of 2023.
The company recorded an unimpressively yearly loss which is huge by the standards of a firm whose business model is based on spending heavily to keep rivals out of the picture.
The Whistler
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Posted by News Rangers
on Feb 18 2024. Filed under Business, National.
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