Soft drinks maker, 7-Up Bottling Company said on Monday that currency weakness related to the recent Naira devaluation led to higher cost of goods sold and higher selling and distribution expenses, resulting in a half-year loss . The bottler of Pepsi-Cola declared a net loss of N1.6bn.
Seven-Up said that sales grew 19% to N47bn despite the macroeconomic challenges. In the previous year, revenue was N40bn. However, a 26% jump in cost of sales to N38bn, from N28bn plus a 26% rise in selling and distribution expenses all weighed on the soft drink maker’s earnings.