At its Pre-Annual General Meeting (AGM) media briefing held in Lagos, Nigerian Breweries Plc shared impressive financial results for 2024, with a bold outlook for the year ahead.
Managing Director Hans Essaadi announced that the company has officially crossed the trillion-naira threshold, posting a revenue of N1.1 trillion—an 81% increase from the N599.5 billion recorded in 2023.
However, Essaadi pointed out that this growth came amid significant economic challenges. The cost of goods sold surged by 98%, largely driven by the devaluation of the naira and persistent inflationary pressures.
“Despite these challenges, our operating profit rose by 59%, thanks to disciplined cost management,” Essaadi said.
He also noted a 34% increase in net finance costs, which climbed to N253 billion, due to rising interest rates and foreign exchange impacts.
Nigerian Breweries’ results from operating activities also grew significantly—by 53.7%—from N44.49 billion in 2023 to N68.40 billion in 2024. In addition, the company’s share capital jumped by 201.5%, rising from N5.14 billion to N15.49 billion within the same period.
Essaadi reiterated that the company’s core business remains focused on brewing, marketing, and selling lager, stout, and non-alcoholic beverages.
He emphasized that 2024 was marked by a tough operating environment, with inflation reaching a near three-decade high of 34.8% in December, significantly affecting both operations and livelihoods across the country.
“Through strategic adaptations like our landmark rights issue—one of the largest and most successful in the country—we’ve reinforced our resilience,” Essaadi said.
Looking ahead, he affirmed Nigerian Breweries’ commitment to building value by embracing diversity, promoting equity, and embedding inclusion, all aimed at driving sustainable growth in a rapidly evolving business landscape.
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