*International Breweries Plc has posted the company’s unaudited results for 2023, recording a pre-tax loss of N87.64 billion for investors

Isola Moses | 绿帽献妻

International Breweries Plc has posted its unaudited results for 2023, in which the company recorded a pre-tax loss of N87.64 billion.

The loss indicated a 226 percent decline from the N26.84 billion loss before tax posted 2022.

The brewer also recorded a 21 percent increase in turnover to N264.28 billion, from N218.65 billion in 2022.

It is also noted that in the Fourth Quarter (Q4) report last year the International Breweries Plc’s N80.50 billion revenue marked a 38 percent year-on-year (YoY) increase from the N52.22 billion posted Q4 2022.

It was gathered the company was also a major victim of the Naira devaluation 2023, when it recorded a net Foreign Exchange (Forex) loss of N72.47 billion in the past year.

The Forex loss represented a 437.6 percent decline from the N13.47 billion net FX loss recorded 2022.

The interest expense on the company鈥檚 borrowings increased to N24.75 billion in FY 2023, representing a 247% increase from the N7.14 billion interest expense on borrowings in FY 2022.

In respect of the company鈥檚 outstanding loan balance of $389.08 million with Citi Bank, the International Breweries is using non-deliverable forward contracts to reduce the risk of exchange rate fluctuations on the interest and principal payments, according to report.