International Breweries losses grow as naira weakness persists
Naira weakness due to ongoing currency devaluation continues to hamper the performance of Nigerian manufacturers. International Breweries Plc, the brewer formerly owned by SABMiller Plc reported a net loss of N1.9bn for half-year (Apr – Sept), further widening its losses. In the first quarter of 2016, the brewer incurred a net loss of N1.7bn.
The Ilesha-based brewer known for its Trophy Lager, among others said that despite a strong quarter finish, where sales surged 33% to N13.5bn, from N10.1bn in the previous year, a 305% spike in foreign exchange loss to N99m, from N24m and a 455% jump in net finance cost to N4.4bn, from N790m erased all gains.
International Breweries became part of Anheuser-Busch InBev (AB InBev) after the merger with SABMiller closed on 10th October.