International Breweries Plc has posted an 88 per cent rise in its revenue for the 2024 financial year to N488.96bn from N260.60bn in the previous year.
This was disclosed in a statement on Wednesday following the 48th Annual General Meeting (of the company), which was held virtually.
The company asserted that the revenue growth was underpinned by a combination of wider distribution reach, customer-led innovations, and disciplined commercial execution, all of which were achieved despite a challenging macroeconomic environment marked by inflationary pressures, foreign exchange volatility, and monetary tightening.
In the period under review, gross profit rose 52 per cent to N131.35bn, up from N86.27bn in 2023. The company also ramped up strategic investments in marketing and route-to-market capabilities, with marketing, promotion, and distribution expenses rising to N76.74bn from N54.82bn the previous year.
Speaking during the meeting, Board Chairman Igwe Nnaemeka Achebe commended the company’s leadership for navigating the tough economic landscape with clarity and focus.
“The past year tested our resilience and sharpened our execution,” he remarked. “Through decisive strategies and strong stewardship, we have laid the groundwork for sustainable, long-term growth.”
Managing Director Carlos Coutiño echoed this sentiment, highlighting the company’s efforts to streamline operations and business growth through efficient pricing and cost control.
“We streamlined our operations, made smarter strategic decisions, and focused relentlessly on efficiency, ensuring we stayed competitive despite market headwinds,” he said.
On the financial front, Finance Director Chinyere Ezeugwu shared progress in fortifying the company’s capital structure and reducing foreign exchange exposure.
“The 2024 financial year marked a significant milestone for us as we raised net proceeds of N581.7bn from our rights issue, enabling the full and final settlement of our USD-denominated loan of $379.9m (N512.9bn), which had hitherto, amongst other macroeconomic challenges, been a liability to our business and its operational efficiency,” she said.
The meeting also saw strong shareholder engagement, with several stakeholders applauding the company’s transparency, strategic clarity, and resilience.
In his remark, a shareholder and the Chairman of IBPLC’s Statutory Audit Committee, Babatunde Adetunji, expressed appreciation to the board and management of the company for the judicious allocation of its resources and their efforts in steering the brewer on the path to profitability.
“With the positive strides the company’s management is taking, I am optimistic that shareholders will be rewarded for their investment very soon,” he said.
Another shareholder, Olalekan Iyiola, urged the company’s management to continue to intensify efforts to delight shareholders.
“I commend the management of IBPLC for their efforts in stabilising the company and steering it on an upward trajectory despite the economic situation of the country, and I look forward to increased profitability and sustained value for us shareholders,” he said.
Beyond financials, the AGM spotlighted IBPLC’s continued commitment to environmental sustainability, job creation, and social investment, hallmarks of the company’s role as a responsible corporate citizen. During the year under review, IBPLC’s issued share capital expanded significantly from 26.86 billion to 168.29 billion ordinary shares, following a strategic capital restructuring initiative designed to strengthen shareholder value.
International Breweries Plc is a part of AB InBev (the world’s largest brewer) and the producer of Trophy Lager, Trophy Extra Stout, Hero Lager, Castle Lite, and Budweiser.
