The Chief Executive Officer of Nigerian Breweries Plc, Hans Essaadi, has said that beer is now out of reach of many Nigerians on account of prevailing economic situation.
Essaadi, according to Bloomberg said this on Monday at the company’s investor conference on the heels of the release of its 2023 results.
“It has been unprecedented year for our business in Nigeria. We saw a significant decline in the mainstream lager market as a result of Nigerian consumers no longer able to afford a Goldberg after a hard day’s work,” the publication quoted Essaadi as saying.
“The company was able to grow its revenue by nine per cent compared to the previous year aided by a positive price mix. However, the operating profit fell by 15 per cent due to higher input cost and one-off reorganisation costs despite strong and aggressive cost savings and other efficiency measures. Coupled with the impact of the devaluation of the naira which resulted in a foreign exchange loss of N153bn, the Company recorded a net loss of N106 billion during the year,” the CEO reportedly said further.
