Tag Archives: weak consumer demand

Guinness Nigeria losses widen amid market challenges, FX headwinds

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.

NB’s revenue and profit fall on weak consumer demand, tough economic environment

beer

Nigerian Breweries Plc, said on Wednesday that net income for the second quarter 2016 fell 24% to N8.6bn, from N11.4bn recorded in the same period in 2015.

The brewer of Star Lager, Gulder, among others hinted in a released statement accompanying its first quarter results in April that trading conditions in Nigeria remained tough amid a weaker consumer environment caused by the slump in global oil prices. The company predicted that forthcoming quarters in 2016 would be more difficult despite a better than expected Q1 result.