Nigeria, Feb. 15 -- The local unit of Heineken NV, Nigerian Breweries, continued its FX-induced lossmaking for the second year last year as the manufacturer posted N144.9 billion in net loss after a devaluation of the naira last January caused its reporting currency to slump substantially.

It recorded the negative bottom line even though sales improved by 80.8 per cent, taking revenue to a new milestone of N1.1 trillion, according to its audited accounts issued on Friday.

The direct cost of production for the beer and non-alcoholic beverages maker rose to 70.5 per cent of turnover from 64.5 per cent as the cost of imported raw materials eroded revenue.

CEO Hans Essaadi said in April 2023 that imports account for almost half of Nigerian...