At the backdrop of sustained inflationary pressures, companies have reported 28.8 percent Year-on-Year increase in their cost of sales for the year ended December 31, 2023.
The companies are BUA Cement, Lafarge Africa Plc, Dangote Cement Plc, Flour Mills of Nigeria Plc, Honeywell Flour Mills Plc, Mecure Industries Plc, Guinness Nigeria Plc, Champion Breweries Plc, International Breweries Plc, May & Baker Plc and Unilever Nigeria Plc. Two fast moving consumer goods manufacturing giants, BUA Foods and Unilever Nigeria Plc, recorded the biggest increase, as their costs rose by 64.2 percent to N468.98 billion and 61.4 percent to N67.86 billion respectively, followed by Dangote Cement with a 52 percent increase to N1.01 trillion.
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