Naira weakness due to ongoing currency devaluation continues to hamper the performance of Nigerian manufacturers. International Breweries Plc, the brewer formerly owned by SABMiller Plc reported a net loss of N1.9bn for half-year (Apr – Sept), further widening its losses. In the first quarter of 2016, the brewer incurred a net loss of N1.7bn.
The Ilesha-based brewer known for its Trophy Lager, among others said that despite a strong quarter finish, where sales surged 33% to N13.5bn, from N10.1bn in the previous year, a 305% spike in foreign exchange loss to N99m, from N24m and a 455% jump in net finance cost to N4.4bn, from N790m erased all gains.
International Breweries became part of Anheuser-Busch InBev (AB InBev) after the merger with SABMiller closed on 10th October.