IB Records Net Revenue Of N488.96bn In 2024

International Breweries Plc reported total net revenue of N488.96 billion in 2024, an 88 per cent increase from N260.60 billion in the prior year.

The company stated this at its virtual 48th Annual General Meeting (AGM). It said a combination of wider distribution reach, customer-led innovations, and disciplined commercial execution underpinned this remarkable growth.

Despite a challenging macroeconomic environment marked by inflationary pressures, foreign exchange volatility, and monetary tightening, IBPLC delivered strong top-line growth and reaffirmed its commitment to long-term value creation.

Gross profit rose by 52 per cent to N131.35 billion, up from N86.27 billion in 2023. The Company also ramped up strategic investments in marketing and route-to-market capabilities, with marketing, promotion, and distribution expenses rising to N76.74 billion from N54.82 billion the previous year.

Speaking during the meeting, Board chairman, His Royal Majesty Nnaemeka Achebe, 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, long-term growth,” he said.

The managing director, Carlos Coutiño, echoed this sentiment, highlighting the company’s efforts to streamline operations and business growth through efficient pricing and cost control.

“We streamlined our operations, made smarter strategic decisions, and focused relentlessly on efficiency, ensuring we stayed competitive despite market headwinds,” he said.

On the financial front, finance director, Chinyere Ezeugwu, shared progress in fortifying the Company’s capital structure and reducing foreign exchange exposure.

According to him, the 2024 financial year marked a significant milestone for us as we raised net proceeds of N581.7 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, amongst other macro-economic challenges been a liability to our business and its operational efficiency.”

Shareholders applauded the company’s transparency, strategic clarity, and resilience. Speaking, Babatunde Adetunji, a shareholder and the chairman of IBPLC’s Statutory Audit Committee, expressed appreciation to the company’s Board and Management for the judicious allocation of its resources and their efforts in steering the Brewer on the path to profitability.

“With the positive strides the Company’s management is taking, I am optimistic that shareholders will be rewarded for their investment very soon,” he said.

Another shareholder, Olalekan Iyiola, urged the company’s management to continue intensifying efforts to delight shareholders, saying, “I commend the management of IBPLC for their efforts in stabilising the Company and steering it on an upward trajectory despite the economic situation of the country, and I look forward to increased profitability and sustained value for us shareholders.”