Nigerian Breweries Plc reported yet another decline in profit for the full year 2019. The company said that profits fell by 17% to N16.1bn from N19.4bn in 2018. It would be the eight consecutive quarterly declines by the company.

In a released statement, the company said that earnings were adversely impacted by the second installment of the increased excise duty rates that came into effect during the year and a challenging operating environment.

Brewers have come under increased pressure as a result of the excise tax on alcohol that was introduced by the Federal Government in 2018. The three major brewers in the country have reported lower revenue and profits as well as losses due to the excise duty increase. The company is also facing increased competition from rivals, Guinness Nigeria Plc and AB InBev owned International Breweries Plc.

Nigerian Breweries said that revenue in 2019 declined marginally by 0.43% to N323bn from N324.3bn in 2018.

NB is Nigeria’s largest brewer and is a subsidiary of Heineken NV.