Tag Archives: Naira devaluation

PZ Cussons Nigeria half-year loss narrows amid currency headwinds

January 30, 2017   Editor   No comments

PZ Cussons Nigeria Plc, makers of a wide range consumer goods, including Nutritionals such as Nuhu and Olympic milk brands on Thursday reported a net loss of N289m in its half-year results (June – Nov 2016). In the same period a year ago, the company recorded N780m in profit.

The company blamed the loss on unrealized foreign exchange loss of N4.9bn mostly incurred in the first quarter (June – Aug 2016) when the Central Bank of Nigeria allowed the naira to float leading to a significant loss of the currency’s value by as much as 40%.

Read More

Naira devaluation pushes PZ Cussons Nigeria to first Quarter loss

October 06, 2016   Editor   No comments

PZ Cussons Nigeria Plc, makers of a wide range of consumer products including Nuhu and Olympic milk brands, on Tuesday reported a net loss of N1.6bn in its first quarter results for periods June – August 31, 2016.

The company attributes the loss to a foreign exchange loss of N4.7bn it incurred following naira devaluation in June which erased the group’s N2.2bn operating profit.

Read More

Nigeria’s downturn leading to value brand switch, warns Heineken

August 05, 2016   Editor   No comments

Heineken said on Tuesday that the current economic slump in Nigeria is making beer drinkers switch to cheaper brands. “Nigerian consumers are still drinking beer,” the brewer acknowledged, but is concerned many are moving away from premium to value brands as families struggle in the face of a slowing economy and recovering from the effects of the recent currency devaluation.

Read More

Heineken looks-on with keen interest amid currency turmoil in Nigeria

February 25, 2016   Editor   No comments

Heineken is observing with keen interest the Naira headwinds, which makes it difficult for the company to take money out of the country.

A spokesperson for Heineken, said that currency repatriation in Nigeria, the company’s second biggest by profit contribution, was getting “more difficult but is not impossible.”

Read More

Analysts express concern over CCHBC’s 2015 earnings, amid currency headwinds in Nigeria

February 25, 2016   Editor   No comments

While Coca-Cola HBC’s (CCHBC) 2015 full year financial results showed a remarkable improvement in terms of volume growth, 3% and 16% rise in operating profits,  revenue for the company declined 2.5% to €6.35bn ($7bn), while profits also fell 4.9% to €280.3m.

Read More

Food, beverage employers warn of impending job losses

July 22, 2015   Editor   No comments

Employers in the food, beverage and tobacco sector have warned of looming job losses if the challenges in the business environment are not turned around.

Speaking on behalf of the employers at the 36th Annual General Meeting of the Association of Food, Beverage and Tobacco Employers in Lagos, the President, AFBTE, Mr. Paul Gbededo, said that manufacturers had losses in the millions of dollars since the devaluation of the naira in the past months.

Read More

  • Archives