Nigerian Breweries Plc at its recently held Pre-Annual General Meeting (AGM) media briefing in Lagos, highlighed the company’s financial performance for 2024 and financial outlook for 2025.
The company’s Managing Director, Hans Essaadi, revealed that Nigerian Breweries Plc is now a trillion-naira company as the organization generated N1.1 trillion in revenue, up by 81% from the 2023 revenue of N599.5 billion.
Essaadi however, noted that the cost of goods sold rose by 98 percent, driven by the impact of the Naira devaluation and high inflation.
“Despite these challenges, our operating profit grew by 59 percent, supported by disciplined cost management,” Essaadi explained.
He further highlighted that net finance costs surged by 34 percent to N253 billion, mainly due to higher interest expenses and the foreign exchange impact.
He equally shared that the company’s results from operating activities soared by 53.7 percent from N44.49 billion in 2023 to N68.403 billion the following year.
According to him, the Nigerian Breweries’ share capital witnessed a 201.5 percent increase from N5.138 billion in 2023 to N15.492 billion in 2024.
Explaining further, Essaadi told journalists present that during the year under review, the principal activities of the company remained the business of brewing, marketing, and selling 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 also said that economic pressures, including high inflation rates and the devaluation of the naira, drove up operational costs and the price of raw materials.
He stated that Nigeria’s inflation rate soared to a near 30-year high of 34.8 percent in December 2024.
Hans Essaadi stated thus:
“Despite these hurdles, Nigerian Breweries demonstrated resilience through strategic adaptations, including a recapitalisation of the company through a rights issue described as one of the biggest and most successful offers in the country.
“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.”