Analysts and market watchers have projected that Nigerian Breweries still has strong fundamentals despite the sustained foreign exchange loss on its books on the back of the devaluation of the naira.

In its unaudited results filed with the Nigerian Exchange Limited, the brewer’s FX loss, which was N86.83bn as of September 2023, had risen by about 84.83 per cent to N160.48bn at the end of the same period in 2024.

Quarterly, the results indicated a N48.21bn increase in the FX losses of the company within three months. In June, the firm’s FX losses stood at N112.27bn.

The PUNCH reports that Nigerian Breweries suffered a N153bn forex loss in 2023 due to currency devaluation and it recently announced a N599bn rights issue to cut the FX losses.

Despite recording a 74.9 per cent growth in its revenue to N703bn at the end of the third quarter, NB stayed in the reds as loss after tax surged by 161.39 per cent to N149.50bn.

Speaking on the company’s Q3 results, despite the loss at the end of the period, analysts said the outlook for the brewer remained positive.

Commenting on the results, the Managing Director of Crane Securities, Mike Eze, said the fundamentals in the results point to a future return to growth by the brand.