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Nigerian Breweries (NB), the largest brewing company in Nigeria, has reported that its after-tax profits fell 10.5 percent year-on-year in 2015.

The company, which is a subsidiary of Dutch beer giant Heineken, reported total profits of N38.06 billion in 2015, compared with N42.52 billion reported in 2014, according to a financial statement released at the Nigerian Stock Exchange on Thursday.

Major breweries in Nigeria have been under pressure in the past year as Nigeria’s economy weakened due to global oil price shocks. The consumption of beer, which is a leisure and lifestyle product, is directly correlated with income and economic growth.

Breweries have also been impacted by currency controls imposed by the Central Bank of Nigeria. The FX policy has restricted access to foreign exchange for the importation of vital raw materials.

NB said its “financial charges” rose 43 percent year-on-year to N7.71 billion in 2015, compared with N5.39 billion reported in 2014.

Despite NB’s lower year-on-year profits, the company reported that its revenues rose 10 percent year-on-year to N293.91 billion, compared with N266.37 billion posted in 2014.

With over 70 percent market share, NB is the largest beverage manufacturing company in Nigeria ahead of Guinness Nigeria (25 percent market share) and SABMiller Nigeria (3 percent market share).

NB has declared a dividend of N28.54 billion in 2015, representing N3.60 per share. The company’s stock rose 3 percent at the end of trading day on the NSE on Thursday to close at N98.06.