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| International Breweries Plc Headquarters Building |
International Breweries Plc has reported an 88 per cent surge in revenue for the 2024 financial year, rising to N488.96bn from N260.60bn in the previous year.
The development was disclosed in a statement issued on Wednesday following the company’s 48th Annual General Meeting (AGM), which was held virtually.
According to the company, the revenue growth was driven by expanded distribution, customer-focused innovations, and disciplined commercial execution, achieved despite headwinds such as inflation, foreign exchange volatility, and tight monetary conditions.
During the review period, gross profit climbed 52 per cent to N131.35bn, up from N86.27bn in 2023. The brewer also stepped up investments in marketing and sales channels, with marketing, promotion, and distribution costs increasing to N76.74bn from N54.82bn the year before.
Board Chairman, Igwe Nnaemeka Achebe, commended the company’s management for steering operations effectively in a difficult operating environment.
> “The past year tested our resilience and sharpened our execution. Through decisive strategies and strong stewardship, we have laid the groundwork for sustainable, long-term growth,” he said.
Managing Director, Carlos Coutiño, reiterated this, stressing that the company focused on efficiency and operational streamlining to stay competitive.
> “We streamlined our operations, made smarter strategic decisions, and focused relentlessly on efficiency, ensuring we stayed competitive despite market headwinds,” he noted.
On the financial side, Finance Director, Chinyere Ezeugwu, highlighted progress in restructuring the company’s balance sheet and reducing foreign exchange risks.
She revealed that IBPLC successfully raised N581.7bn through a rights issue, which enabled the full repayment of a $379.9m (N512.9bn) dollar-denominated loan, a debt burden that had long weighed on the company’s performance.
The AGM also featured strong shareholder engagement. The Chairman of the company’s Statutory Audit Committee, Babatunde Adetunji, praised management for prudent resource allocation and guiding the company toward profitability.
> “With the positive strides the company’s management is taking, I am optimistic that shareholders will be rewarded for their investment very soon,” Adetunji said.
Another shareholder, Olalekan Iyiola, urged management to sustain its upward momentum while commending efforts to stabilise the business despite economic challenges.
Beyond financial performance, the company reaffirmed its commitment to sustainability, job creation, and social investments, reinforcing its role as a responsible corporate entity.
As part of its capital restructuring, IBPLC’s issued share capital expanded from 26.86 billion to 168.29 billion ordinary shares, a move aimed at strengthening shareholder value.
International Breweries Plc, a subsidiary of AB InBev the world’s largest brewer is the producer of Trophy Lager, Trophy Extra Stout, Hero Lager, Castle Lite, and Budweiser in Nigeria.
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