Nigerian Breweries Plc said it generated N1.1 trillion in revenue for the financial year ended December 2024.
The managing director of the Company, Hans Essaadi disclosed this at the company’s Pre-Annual General Meeting (AGM) media briefing held in Lagos.
Essaadi noted that the N1.1 trillion revenue marks an 81 per cent increase from the company’s 2023 revenue of N599.5 billion, saying 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,”
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.
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.
Essaadi hinted that foreign exchange volatility is expected to continue in 2025, stressing that President Donald Trump Import tariffs is expected to take tolls on Nigeria’s economy.
He noted that inflation was projected to ease due to a higher base effect, and normalisation of energy prices following subsidy removal.
He added that the rebasing of Nigeria’s Consumer Price Index (CPI) would create statistical effects, leading to lower headline inflation figures.
“The expansion of local refining capacity, notably from the Dangote Refinery and refurbished state-owned refineries in Warri and Port Harcourt, will reduce the foreign exchange impact on energy prices.
“Additionally, a reduced reliance on premium motor spirit (petrol) imports will ease pressure on foreign reserves, creating more balance in the payment system. The economy’s performance will largely depend on the Government’s ability to tackle key challenges.
“These include revenue generation, debt sustainability, fiscal discipline, monetary policy coordination, macroeconomic stability, security, and social welfare,” Essaadi said.
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