FX Loss, Rising Costs Drag down FMCG Firms' Loss to N533 Billion in H1 2024
Kayode Tokede
There appears to be no respite for companies under the Fast-Moving Consumer Goods (FMCG) as four of them declared N533 billion loss
before tax in the half year (H1) ended June 30, 2024, over the effect of naira devaluation, double-digit inflation rate and Central Bank of Nigeria’s (CBN) increase in its Monetary Policy Rate (MPR).
These companies had reported a N192.8 billion loss before tax in H1 2023. The four FMCG companies are Nigerian Breweries Plc, Cadbury Nigeria Plc, Nestle Nigeria Plc, and
International Breweries Plc. The H1 2024 results showed that Nestle Nigeria, followed by Nigerian Breweries declared the highest loss before tax. Nestle Nigeria declared a
N252.53 billion loss before tax in H1 2024 from N69.12 billion in H1 2023, while Nigerian Breweries announced a N116.34 billion loss before tax in H1 2024 from N67.84billion in H1 2023.
In addition, International Breweries, in its unaudited result and accounts, declared N150.23billion loss before tax in Continued on page 5
US to Send Jets and Warships as Iran Threatens Israel… Page 6 Sunday, August 4, 2024 Vol 29. No 10707
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Northern Senators Sue for Peace, Adamant Protesters Storm Kano Streets with Russian Flags
Many protesters feared killed, Atiku condemns use of live ammunition Security operatives shoot at demonstrators, journalists in Abuja NLC demands arrest of security agents responsible for killings Protesters threaten to storm Lagos streets on Monday
Our Correspondents Miffed by the level of destruction
caused by the violent protests against bad governance in many states in the northern parts of the country, the
Northern Senators Forum (NSF) has urged the protesting youths to leave the streets and embrace dialogue.
This is just as the adamant youths, mostly the underaged, yesterday took to the streets of Kano on the
third day of the #EndBadGovernance protests, flying the Russian flag, and urging President Vladimir
Putin to intervene in the hunger Continued on page 5
In Nationwide Broadcast, Tinubu Seeks Dialogue, Urges Protesters to End Violence Blames politicians for violence, highlights govt’s efforts to ensure food security Seeks to achieve economic progress through reforms Vows not to allow few politicians to destroy Nigeria Condemns ethnic bigotry, seeks just, prosperous nation Deji Elumoye in Abuja In a strategic move to douse tension, President Bola Tinubu has formally reacted to the #EndBadGovernance protests, which entered the fourth day today, appealing to the protesters to end the orgy of violence and embrace dialogue. Tinubu, who spoke this morning in an eight-page nationwide broadcast, said his vision is a just and prosperous nation. The president accused those he described as disgruntled politicians of being behind the protests and vowed that his administration is poised to frustrate such politicians’ move to tear the nation apart. He condemned ethnic bigotry and those who took undue advantage of the crisis to threaten any section of the country, promising that the law would catch up with them. “I speak to you today with a heavy Continued on page 5
IN HONOUR OF NOBEL LAUREATE… L-R: Chairman of the occasion and former Commonwealth Secretary-General, Chief Emeka Anyaoku; Nobel laureate and Honoree, Prof. Wole Soyinka; and Guest Speaker and former Minister of Works and Housing, Mr. Babatunde Fashola, during the 26th Wole Soyinka Lectures organised by the National Association of Seadogs (Pyrates Confraternity) at the June 12 Cultural Centre, Kuto, Abeokuta, Ogun State…weekend