Nigerian Breweries Plc has announced its audited Group Financial Statements for the 2024 financial year, posting an unprecedented revenue of N1.1 trillion. This represents an 81% increase from the N599.6 billion recorded in 2023.
The company’s group gross profit also experienced significant growth, rising 51% from N212.6 billion in 2023 to N320 billion in 2024. Operating profit surged by 59% from N44 billion to N70 billion, despite the impact of rising input costs.
Managing Director/CEO of Nigerian Breweries Plc, Mr. Hans Essaadi, attributed the impressive revenue growth to key business strategies, including pricing initiatives, market expansion, innovation, and operational efficiencies.
However, the company recorded a 34% rise in net finance costs and a 36% increase in net loss, driven by rising interest rates and the devaluation of the naira. The net loss increased from N106.3 billion in 2023 to N144.9 billion in 2024.
To mitigate these factors and strengthen its financial standing, Nigerian Breweries undertook bold measures, including a successful Rights Issue backed by shareholders. According to Company Secretary/Legal Director, Mr. Uaboi Agbebaku, these strategic steps have begun yielding positive results, as evidenced by the company’s strong recovery and positive momentum in the last quarter of 2024.
The company reported an 89% revenue growth and a 145% increase in operating profit in Quarter 4. Net finance costs decreased by 75%, leading to a return to profitability in the quarter, the first time in two years.
Agbebaku expressed appreciation to shareholders for their support and reaffirmed the company’s commitment to navigating Nigeria’s challenging business environment to sustain profitability.