Nigerian Breweries Plc announced that it generated N1.1 trillion in revenue for the financial year ending December 2024.
The company’s Managing Director, Hans Essaadi disclosed this at the company’s Pre-Annual General Meeting (AGM) media briefing on Thursday in Lagos.
According to Essaadi, the N1.1 trillion revenue marks an 81 per cent increase from the company’s 2023 revenue of N599.5 billion.
He, however, noted that the cost of goods sold rose by 98 per cent, driven by high inflation and the impact of the naira devaluation.
“Despite these challenges, our operating profit grew by 59 per cent , supported by disciplined cost management,” Essaadi added.
He explained that net finance costs surged by 34 per cent to N253 billion, mainly due to higher interest expenses and the foreign exchange impact on payables.
“This weighed heavily on the bottom line pushing up our net loss by 36 per cent to N145 billion,” he said.
Essaadi noted that the company’s results from operating activities soared by 53.7 per cent from N44.49 billion in 2023 to N68.403 billion in 2024.
He said the loss for the year 2024 stood at N144.338 billion, 36.5 per cent increment from the company’s loss of N105.769 billion in 2023.
According to him, the Nigerian Breweries’ share capital witnessed 201.5 per cent increase from N5.138 billion in 2023 to N15. 492 billion in 2024.
He explained that there was also 614.2 per cent surge in the company’s total equity from N65.17 billion in 2023 to N465.47 billion in 2024.
The MD explained that during the year under review, the principal activities of the company remained brewing, marketing and selling of lager, stout and non-alcoholic drinks.
He said the company’s 2024 results were shaped by a complex and challenging business environment, significantly impacting operations and livelihoods nationwide.
He said economic pressures, including high inflation rates and the devaluation of the naira, drove up operational costs and the price of raw materials.
He explained that Nigeria’s inflation rate soared to a near 30-year high of 34.8 per cent in December 2024.
“In spite of these hurdles, Nigerian breweries demonstrated resilience through strategic adaptations including a recapitalisation of the company through a rights issue.
“It was also resilient through increased local sourcing, innovation, and further diversification through the completion of the acquisition of majority stakes in Distell wines and Spirits Nigeria Ltd.
“Our ambition is to leverage diversity, promote equity and embed inclusion to create business value in a fast changing and complex environment, which positively impacts our customers and consumers and benefits the company,” he said.
Also, Sade Morgan, Corporate Affairs Director at Nigerian Breweries said “We are hosting this session as a precursor to our AGM to share with you all of the relevant information about our business and to strengthen our relationship with the media.
“We recognise that 2024 was a challenging year for the business in Nigeria and a lot of businesses in Nigeria.
“This was a fallout of the economic slump of 2023, followed by the narrow decline, and all of this also led to a cash crunch, along with the foreign scarcity, high inflation, and wealth crisis, and we all lived through it.
“In spite these challenges, we shaped our organisation for transformational growth, to meet the needs of our customers and our consumers, all over Nigeria and even beyond.
“So, we remain committed to our purpose, and are perfectly in the joy of true togetherness and inspiring a better world,” she said.
