Nigerian Breweries Plc has announced a remarkable 75% increase in revenue for the nine months ending September 30, 2024, reaching N703 billion compared to N402 billion during the same period in 2023. The company’s gross profit also rose to N207 billion, up from N152 billion last year, reflecting a 36% increase. This growth comes despite a significant 99% surge in the Cost of Goods Sold, driven largely by currency devaluation and rising input costs.
The financial results indicate that the Cost of Sales escalated from N249 billion in 2023 to N495 billion in 2024. Additionally, Marketing, Distribution, and Administration expenses rose by 45%, from N127 billion to N184 billion. Despite these challenges, Managing Director/CEO Hans Essaadi highlighted the company’s resilience, attributing revenue growth to strategic pricing, innovation, and market recovery.
Essaadi acknowledged that foreign exchange losses contributed to the company’s increased net loss, exacerbated by naira devaluation and high borrowing costs. However, he expressed optimism that recent funding through a rights issue will bolster the company’s balance sheet and mitigate foreign exchange exposure. The Board remains committed to its long-term strategy focused on people development, innovation, operational efficiency, and community impact.
