Nigerian Breweries Reports N1.467tn Revenue

Nigerian Breweries Plc has reported ₦1.467 trillion in revenue for 2024, a 35% increase from ₦1.08 trillion in 2023, according to its audited results filed with the Nigerian Exchange Limited.

The company staged a recovery from a challenging 2023, with gross profit rising sharply by 77% to ₦565.18 billion, compared with ₦319.92 billion the previous year.

Cost of Sales increased to ₦902.24 billion from ₦764.52 billion, while Marketing, Distribution, and Administration expenses grew 43% to ₦364.14 billion.

Company Secretary Uaboi Agbebaku attributed the revenue growth to “sustained innovation, premiumisation, the right pricing, and strong commercial execution,” adding that operating profit reflected cost discipline, productivity gains, and supply-chain efficiencies.

Operating profit grew by over 190%, while net profit rebounded by 168% from a loss position in 2023.

The turnaround was aided by an 83% reduction in net finance costs following the company’s 2023 Rights Issue, which deleveraged the balance sheet and reduced foreign currency exposure.

Despite the strong results, retained earnings remained negative due to heavy losses in the prior two years. However, the board said the recovery is progressing in line with expectations.

The company also completed the full acquisition and integration of Distell Wines and Spirits Nigeria Limited in 2024, incurring a one-off integration cost.

The move expands Nigerian Breweries’ beyond-beer portfolio and strengthens long-term growth prospects.

Agbebaku reassured stakeholders that with shareholder support, agility, innovation, and prudent financial management, Nigerian Breweries is well positioned to sustain growth and deliver long-term value.