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Despite a challenging macroeconomic environment marked by inflationary pressures, foreign exchange volatility, and monetary policy tightening, International Breweries Plc (IBPLC) has reported significant financial and operational gains for the financial year that ended December 31, 2024.
The company recorded total net revenue of ₦488.96 billion in 2024, representing an 88 percent increase from ₦260.60 billion in the previous year, marking a remarkable growth underpinned by a combination of wider distribution reach, customer-led innovations, and disciplined commercial execution.
On the other hand, gross profit rose by 52 percent to ₦131.35 billion, up from ₦86.27 billion in 2023.
It also ramped up strategic investments in marketing and route-to-market capabilities, with marketing, promotion, and distribution expenses rising to ₦76.74 billion from ₦54.82 billion the previous year.
Speaking during its 48th Annual General Meeting held virtually recently, Nnaemeka Achebe, board chairman, 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. “Through decisive strategies and strong stewardship, we have laid the groundwork for sustainable and long-term growth,” he said.
Highlighting the company’s efforts towards streamlining operations and business growth through efficient pricing and cost control, Carlos Coutiño, managing director of IBPLC, said the company made smarter strategic decisions, and focused relentlessly on efficiency to stay competitive despite market headwinds.
On the financial front, Chinyere Ezeugwu, finance director, 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 ₦581.7 billion from our rights issue, enabling the full and final settlement of our USD-denominated loan of $379.9 million (N512.9 billion) which had hitherto, among other macro-economic challenges been a liability to our business and its operational efficiency.”
Meanwhile, Babatunde Adetunji, a shareholder and chairman of IBPLC’s Statutory Audit Committee, 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.
He expressed optimism that IBPLC would soon reward shareholders for their investment.
Olalekan Iyiola, another shareholder, urged the company’s management to continue to intensify efforts to delight shareholders.
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.
