NIGERIAN BREWERIES PLC FY’23 EARNINGS – Price increases mask volume decline

Analyst: Oluebube Nwosu* o.nwosu@vetiva.com Target price: ₦25.64 Rating: SELL TL;DR Q4’23 revenue grows by 26% y/y to ₦197.8 billion. Q4’23 net finance expenses jump 4.6x as FX losses and finance costs hit ₦66.4 billion and ₦17.5 billion respectively. Q4’23 loss came in at ₦49.1 billion (Q4’22: ₦1.6 billion loss). Robust revenue growth in a challenging…

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