The Nigerian Breweries Plc recorded ahistoric N1.1 trillion group revenue in 2024 financial year, which is an outstanding 81 per cent year-on-year growth.
The NB also grew its operating profit by 59 per cent, which was driven in part by disciplined cost management.
However, due to higher interest expenses and the impact of the devaluation of the Naira on its foreign exchange (FX) denominated payables, NB had a 34 per cent increase in its net finance costs that rose to N253 billion.
These were disclosed yesterday by the Managing Director/CEO of NB Plc, Mr. Hans Essaadi, during the company’s “Pre-AGM Media Briefing 2025,” which was held in Sheraton Hotels, Ikeja, Lagos State.
Essaadi said: “In the last quarter of the year (2024), revenue grew by 89 per cent while operating profit rose by 145 per cent.
“A significant 75 per cent reduction in the net finance costs contributed to a net profit position in the quarter.
“This turnaround signals a crucial step toward sustained financial health and underscores the impact of ongoing transformation.”
Speaking during the press briefing, the Finance Director of NB Plc, Mr. Bernardus A. Wessels Boer, said that the company no longer has significant FX debt in its balance sheet and has reduced its local debt as much as possible.
Boer disclosed that the local debt has dropped from around N600 billion to now around N200 billion.
He, however, added that “elevated interest rate still result in high interest cost.”
