For the fiscal year that ended on December 31, 2022, International Breweries Plc saw a double-digit increase in revenue from the N182.3 billion reported for the fiscal year that ended on December 31, 2021, to N2187 billion.
The “No DNA Needed, Originally Black” campaign’s successful launch, the introduction of its well-received premium brand, Flying Fish, and pricing initiatives across the portfolio all contributed to the 20% significant growth in revenue, which sustained consumer demand across the company’s entire product list.
Notwithstanding increasing energy costs, Currency illiquidity, material cost challenges, and supply chain interruptions in 2022, Q4 2022 sales climbed by 8% compared to the prior year, and EBITDA growth was at the upper end of the company’s medium-term growth target. In 2022, IBPLC awarded a combined sum of 60 million Naira to 50 budding entrepreneurs at the seventh edition of the Kickstart Initiative, the brainchild of the International Breweries Foundation.
The initiative is aimed at promoting and empowering youths in Nigeria between the ages of 18 to 35 years to embrace entrepreneurship through intensive business training, mentorship, and the award of grants to kick-start their business ideas. In furtherance of its sustainability agenda to support the commercial vision and achieve the company’s purpose, IBPlc’s Smart Drinking program used the power of its brands to promote positive behavioral changes in society and reduce harmful alcohol consumption.
Looking ahead of 2023, the company is optimistic about the beer industry’s potential for growth and profitability and is confident in its ability to deliver superior long-term value in its quest to create a future with more cheers.