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Guinness Nigeria reported a full-year loss on Wednesday as the country’s deteriorating economic conditions reduced demand for the company’s products.

The company said after-tax loss for the full year ended on June 30th stood at N2.01 billion compared with an after-tax profit of N7.79 billion a year earlier. Revenues fell by 14 percent to N101.97 billion compared with N118.5 billion a year earlier.

Last week, Peter Ndegwa, Guinness Nigeria CEO, said the company plans to export some of its products to South Africa in a bid to boost revenues and generate foreign exchange.

Ndegwa, a Kenyan national, also said Guinness Nigeria plans would invest 12 million pounds ($15.9 million) in a plant in Benin, Edo State in order to boost the amount of goods sourced locally and reduce dependence on expensive imports.

Guinness Nigeria is the country’s second largest brewer after Nigerian Breweries. The company has declared a final dividend of 50 kobo per share (compared with N3.20 per share last year). The company’s stock traded at N100 per share as at 2.26pm, down 1 percent from the previous day’s close.