Nigerian Breweries Plc, the foremost brewing company in Nigeria,has recorded a 75% revenue growthfor the 9 month period ended 30th September 2024, relative to the corresponding period in 2023.
The revenue recorded for the company stood at N703 billion, as against N402 billion, which was recorded in the corresponding period in 2023.
According to the unaudited results released to the Nigerian Exchange Group (NGX), the company’s gross profit in the period under review rose to N207 billion from N152 billion in the corresponding period in 2023, representing a 36% rise.Gross profit grew behind revenue as a result of a 99% surge in the Cost of Goods Sold, primarily influenced by currency devaluation and rise in input costs.
An analysis of the recently released results revealed that the Cost of Sales rose from N249 Billion in 2023 to N495 billion in 2024, while Marketing, Distribution, and Administration expenses experienced arise of 45% from N127billion in 2023 to N184billion in 2024.
Speaking on the results, Managing Director/CEO Nigerian Breweries Plc, Hans Essaadi revealed that despite the continued challenging operating landscape characterised by high inflation, currency devaluation and rising input costs, the company has demonstrated resilience, as seen in the results delivered for the period ended 30th September 2024.
“The business has delivered growth in the face of the challenging operating environment. Revenue grew by 75% benefitting fromstrategic pricing, innovationand market recovery”, Essaadi noted.
He stated that foreign exchange losses largely influenced the company’s increase in net loss due to the naira devaluation and high borrowing costs arising from higher interest rates, and expressed optimism that the funds raised through the rights issuewill strengthen the company’s balance sheet and significantly reduce its FX exposure.
Speaking on behalf of the Board, the Company Secretary/Legal Director of Nigerian Breweries Plc, Uaboi Agbebaku, reaffirmed the company’s enduring commitment to Winning with Nigeria through peopledevelopment, strategic innovation, operational efficiency, and community impact, adding that the board remains confident in its long-term strategy to deliver value to shareholders.
He expressed appreciation tothe trade partners, customers and all stakeholders for their immense support during these challenging times.
A member of the HEINEKEN Group, Nigerian Breweries Plc is Nigeria’s pioneer and largest brewing company. Incorporated in 1946 as “Nigerian Brewery Limited,”the company made historyin June 1949 when the first bottle of STAR lager beer rolled out of its Lagos brewery bottling line.
Today, it has a rich portfolio of 19 high-quality brands (Heineken, Desperados, Maltina, Life, Amstel Malta, Gulder, Fayrouz, and Legend) produced from nine breweries and distributed nationwide.
Nigerian Breweries Plc is also the recipient of several awards and recognition in other areas of its operations, including product quality, marketing excellence, productivity and innovation, health and safety, corporate social responsibility, and sustainability.
