Guinness Nigeria Plc, a subsidiary of the global brewing giant, has posted a staggering pre-tax loss of N73.6 billion (approximately $148 million USD) for the financial year ending June 30th, 2024, highlighting the severe impact of currency devaluation on the company’s bottom line.
The latest earnings report, which covers the fourth quarter of the year, shows the heavy toll that the Nigerian naira’s depreciation has taken on Guinness’ foreign currency loans, with losses continuing to pile up throughout the year.
