Kelechukwu Mgboji 
Nigerian Breweries Plc has achieved a historic financial milestone, crossing the N1 trillion mark in revenue for the 2024 financial year.
The company’s audited group financial statements reveal a staggering 81 per cent revenue surge, reaching N1.1 trillion—an unprecedented leap from the N599.6 billion recorded in 2023.
Further analysis of the results highlights a robust 51 per cent growth in group gross profit, rising from N212.6 billion in 2023 to N320 billion in 2024.
Despite inflationary pressures and soaring input costs, operating profit also saw a remarkable 59 per cent increase, climbing from N44 billion to N70 billion.
Managing Director/CEO, Hans Essaadi, attributed the company’s strong performance to strategic pricing, market expansion, innovative product offerings, and operational efficiencies.
“Despite macroeconomic headwinds, group operating profit surged by 54 per cent, underscoring the success of cost management and process optimization,” he noted.
However, financial challenges persisted, with net finance costs rising by 34 per cent and net losses deepening by 36 per cent due to escalating interest rates and the naira’s devaluation.
The company’s net loss expanded from N106.3 billion in 2023 to N144.9 billion in 2024. In response, Nigerian Breweries undertook bold financial restructuring measures, securing shareholder support for a business recovery plan, including a successful Rights Issue.
According to Company Secretary/Legal Director, Uaboi Agbebaku, these initiatives have already begun to bear fruit.
