Brewing giant Nigerian Breweries Plc has reported a remarkable performance for the first quarter of 2024, showcasing an 84% increase in revenue compared to the same period in 2023. The unaudited results, disclosed on April 29, 2024, to the Nigerian Exchange Limited (NGX), revealed a revenue of N227 billion, with operating activities growing by over 1000%.
According to the Managing Director/CEO, Mr. Hans Essaadi, the company's success can be attributed to various factors, including product innovation, cost-saving measures, and pricing adjustments driven by inflation. Essaadi emphasized the importance of consumer engagement, a robust route-to-consumer strategy, and the utilization of the company's brands and workforce in achieving this growth.
Despite the substantial revenue increase, there was a significant rise in net loss, as explained by Essaadi: "Net loss for the period rose by 391%... primarily because of the increased interest rates resulting from upward adjustments in monetary policy, and continued volatility in the foreign exchange market."
Looking ahead, Essaadi expressed confidence in Nigerian Breweries' ability to navigate the challenging economic landscape, stating, "We remain wholly committed to having a positive impact on our host communities and our consumers... while upholding our commitment to our employees."
Supporting this optimism, Mr. Uaboi Agbebaku, Legal Director, and Company Secretary reassured stakeholders, saying, "Board remains confident of our long-term strategy to deliver value to our shareholders."
Nigerian Breweries, as the pioneer and largest brewing company in Nigeria, continues to uphold its reputation for high-quality brands, ethically sourced raw materials, and consumer satisfaction.
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