Nigerian Breweries Plc posted impressive third-quarter results for 2024, with revenue surging by 75% to N703 billion compared to N402 billion in the same period of 2023.
This significant growth, reflected in the company’s unaudited report submitted to the Nigerian Exchange Group (NGX), underscores strong strategic pricing, innovative product lines, and market recovery as critical factors.
Gross profit increased by 36% to N207 billion, up from N152 billion last year, despite facing pressures from a 99% rise in the cost of goods sold, primarily driven by naira devaluation and escalating raw material costs.
Managing Director Hans Essaadi noted that cost of sales rose from N249 billion in 2023 to N495 billion in 2024.
Furthermore, marketing, distribution, and administrative expenses climbed by 45%, reaching N184 billion compared to N127 billion in the previous year.
Essaadi acknowledged the impacts of foreign exchange losses and rising interest rates on the company’s net performance but expressed optimism that recent capital raised through a rights issue would mitigate foreign exchange exposure and enhance financial stability.
He stated, “The business grew by 75 percent in revenue, benefitting from our pricing strategy, innovative products, and market recovery.”
Secretary and Legal Director Uaboi Agbebaku reinforced Nigerian Breweries’ commitment to Nigeria’s development through strategic innovation and operational efficiency, emphasizing the company’s focus on creating long-term value for shareholders despite the challenging economic landscape.
CREDIT: Allneeds, THE NATION
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