Nigerian Breweries Plc suffered losses throughout 2023, resulting in a total loss of N106.3 billion for the year. This has significantly reduced the company's equity resources, which decreased from N180 billion to N63.3 billion. The main reason for the loss is a net foreign exchange loss of N153.3 billion, which is a significant increase from the previous year. Additionally, the company's finance cost has multiplied more than four times, reaching N36.4 billion.
Nigerian Breweries operated with interest bearing debts of N341.6 billion in 2023, almost three times the initial borrowings of N122.2 billion.
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