International Breweries Plc has reported a remarkable 88% increase in revenue for the 2024 financial year, reaching N488.96 billion—up from N260.60 billion in the prior year.
The announcement was made in a statement released on Wednesday, following the company’s 48th Annual General Meeting, which was held virtually.
According to the company, the significant revenue boost was driven by a blend of expanded distribution channels, customer-focused innovation, and strategic commercial execution. These advancements were achieved despite the economic headwinds posed by high inflation, currency fluctuations, and tightened monetary policies.
During the review period, the company’s gross profit rose to N131.35 billion, representing a 52% increase compared to N86.27 billion in 2023. In line with its growth strategy, International Breweries increased its investments in marketing and distribution, with expenses in these areas climbing to N76.74 billion from the previous year’s N54.82 billion.
Speaking at the meeting, Board Chairman Igwe Nnaemeka Achebe praised the company’s management for their clear direction and focus during a turbulent year. “This past year challenged our resilience and sharpened our focus,” he stated. “Thanks to strategic decision-making and strong leadership, we are well-positioned for sustained growth.”
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Managing Director Carlos Coutiño also emphasized the company’s strategic realignments, pointing to efforts in cost management and pricing strategies that maintained competitiveness amid economic pressures. “We optimized operations and concentrated on efficiency, which allowed us to remain agile in a difficult market,” he said.
On the financial side, Finance Director Chinyere Ezeugwu noted the company’s continued progress in strengthening its capital structure and reducing its vulnerability to foreign exchange risks.
