Tag Archives: Foreign exchange headwinds

International Breweries losses grow as naira weakness persists

November 01, 2016   Editor   No comments

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.

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Guinness Nigeria losses widen amid market challenges, FX headwinds

September 20, 2016   Editor   No comments
guinness Nigeria

Guinness Nigeria Plc, said on Tuesday it recorded a net loss of N2bn for the full-year ending in June 2016, down from N8bn profit it made in the previous year. The brewer blamed the loss on weak economic environment and foreign exchange headwinds.

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AB InBev’s profit slumps in Q2 on foreign exchange related charge

July 29, 2016   Editor   No comments

Anheuser-Busch InBev on Friday reported a drop in second quarter profit as it took a one-time extra-ordinary charge of $1.77bn related its $100bn plus acquisition of SABMiller.

The brewer of Budweiser, Stella Artois, Skol, among others hedged £45bn ($59.36bn) towards the deal in December at an average rate of $1.53 per pound. When Britain voted in favour of leaving the European Union, the currency’s value fell to $1.33 a pound on June 30, when the company’s second quarter ended.

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