International Breweries revenue jumped 88% in 2024 to N488.96bn, driven by strategic growth, efficiency, and full settlement of $379.9m loan

International Breweries Revenue has soared by 88% in the 2024 financial year, hitting N488.96bn compared to N260.60bn in 2023, according to figures released during the company’s 48th Annual General Meeting held virtually on Wednesday.

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Despite navigating a tough macroeconomic environment marked by inflation, FX volatility, and monetary tightening, the brewery giant—part of global brewer AB InBev—reported significant growth across key financial metrics.

“The past year tested our resilience and sharpened our execution,” said Board Chairman, Igwe Nnaemeka Achebe.

“Through decisive strategies and strong stewardship, we have laid the groundwork for sustainable, long-term growth.”

The company’s gross profit climbed 52% to N131.35bn, up from N86.27bn in 2023.

Strategic investments in marketing and distribution surged to N76.74bn, reflecting increased commercial aggression and market reach.

Managing Director Carlos Coutiño attributed the impressive performance to operational efficiency and smart pricing strategies:

“We streamlined our operations, made smarter strategic decisions, and focused relentlessly on efficiency.”

A major highlight of the year was the successful settlement of a USD-denominated loan worth $379.9m (₦512.9bn).

According to Finance Director Chinyere Ezeugwu, the move was made possible through net proceeds of ₦581.7bn from a strategic rights issue.

“This marked a significant milestone for us, eliminating a long-standing liability and improving operational efficiency,” she said.

Shareholders welcomed the company’s performance, praising management’s transparency and direction.

“With the positive strides the company is making, I am optimistic that shareholders will be rewarded very soon,” said Babatunde Adetunji, Chairman of IBPLC’s Statutory Audit Committee.

Another shareholder, Olalekan Iyiola, commended the leadership:

“Despite Nigeria’s economic climate, the company is stabilising well and charting an upward path.”

Beyond finances, the AGM emphasized International Breweries Plc’s commitment to environmental sustainability, job creation, and community development.

During the year, its issued share capital expanded significantly from 26.86 billion to 168.29 billion ordinary shares, following a strategic capital restructuring aimed at enhancing shareholder value.

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As part of AB InBev, the world’s largest brewing company, International Breweries Plc produces leading beverages such as Trophy Lager, Hero Lager, Budweiser, Trophy Extra Stout, and Castle Lite—maintaining a dominant presence in Nigeria’s competitive beer market.