Manufacturers in Nigeria have reported a loss of N1.91bn due to foreign exchange volatility in the first quarter of 2025, as revealed by their unaudited financial statements for the period ended 31 March 2025.
Some of the companies include Nascon Allied Plc, BUA Cement, Nigerian Breweries, Dangote Cement, Vitafoam Nigeria, Beta Glass, and Berger Paints.
Nascon Allied reported a foreign exchange loss of N55.38m in the first quarter of 2025, a significant improvement from the N3.06bn loss recorded during the same period in 2024. The reduction in FX losses for Nascon Allied signals a positive shift amidst a volatile forex environment.
BUA Cement recorded a foreign exchange loss of N262.71m for the first three months of 2025, a notable contrast to the N1.11bn gain it posted in the same period last year. This marks a 123.6 per cent drop in forex gains for the company, reflecting the tough economic conditions impacting cement manufacturers.
At Nigerian Breweries, the company reported a foreign exchange loss of N178.01m, showing a 144.3 per cent improvement compared to a staggering loss of N72.85bn during the first quarter of 2024.
Dangote Cement recorded a forex loss of N11.84m for the first quarter of 2025, a stark contrast to the N410.36m gain posted in the same period last year. This represents a significant 102.9 per cent decline in foreign exchange gains, reflecting the broader challenges faced by the company in managing foreign currency volatility.
Vitafoam Nigeria experienced a foreign exchange loss of N1.31bn in the first quarter of 2025, marking a steep increase from the N47.18m loss recorded in the same period last year. This represents a 2,687.7 per cent rise in forex losses, a substantial impact on the company’s financial performance due to currency fluctuations.
Beta Glass reported a foreign exchange loss of N94.22m for the first quarter of 2025, compared to a much smaller loss of N21.98m in 2024. This shows an increase of 329.2 per cent in foreign exchange losses, indicating the challenges faced by the glass manufacturing sector amid currency instability.
Berger Paints posted a minor foreign exchange loss of N768, a slight deviation from the zero loss recorded in the first quarter of 2024.
The total foreign exchange loss for the listed manufacturing companies in the first quarter of 2025 stands at N1.91bn, a stark contrast to the N3.06bn loss recorded in the same period of 2024. This represents a 37.8 per cent reduction in the overall forex loss for the manufacturing sector.
The PUNCH reported that six companies listed on the Nigerian Exchange Limited recorded a combined foreign exchange loss of N255.72bn in their financial results for the year ended December 31, 2024.
