Nigerian Breweries, the largest brewer in Africa’s largest economy, has succumbed to the coronavirus pandemic crisis that paralyzed business activities across the country as profits slumped.
For the full year period ended December 2020, the company’s net income fell by 54.20 percent to N7.36 billion from N16.10 billion the previous year.
Sales dipped by 4.30 percent to N337.04 billion as at December 2020 from N323 billion as at December 2019.
Nigerian Breweries and its peer rivals were among the hardest hit from the coronavirus pandemic that forced government to shutter bars, restaurants, and night clubs as economic activities were paralyzed.
Before the coronavirus pandemic broke out, the industry had been reeling with weak consumer purchasing power, hefty taxes on alcohol, and a difficult operating environment, while volumes were plummeting.
Nigerian Breweries is the largest listed beer maker in the country with a market capitalisation of N471 billion.