Nigeria: International Breweries report third straight yearly loss
Nigeria’s second largest brewer International Breweries Plc has reported a third straight yearly loss coming to N12.365 billion for 2020 as the unrealised foreign exchange loss and depreciation recorded by the beer-maker weighed on earnings, data from its audited earnings report showed on March 22.
Nigeria’s second largest brewer has been racking up losses since 2018 despite increased turnover although it was able to pare down losses by more than a half last year.
Revenue edged up by 3.4 per cent from N132.352 billion to N136.791 billion, according to the document seen by PREMIUM TIMES.
Loss before tax declined to N24.873 billion from N36.167 billion, representing a fall of 31.2 per cent.
Loss for the year stood at N12.365, down by 55 per cent from N27.791 billion.
Earnings were hurt by a surge in unrealised net foreign exchange loss from N2.408 billion to N14.209 billion, and a rise in write off/loss on disposal of a PPE from N11.708 million to N4.352 billion.
However, AB InBev-backed International Breweries saw a more than 19 times rise in its shareholders’ fund from N7.463 billion to N151.734 billion, buoyed by proceeds from its right issue of 18.266 billion ordinary shares.
Total assets also scaled up from N365.147 billion to N372.646 billion.
Belgium’s AB InBev, the world’s largest brewer, acquired SABMiller Nigeria, owner of International Breweries, Pabod Breweries and Intafact Breweries, in 2016, merging the three entities into one and adopting the name International Breweries.
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