Nigerian Breweries Plc recorded a notable 81% growth in revenue to ₦1.1 trillion in its audited financial records for the year ending December 31, 2024, from ₦599.6 billion in 2023.
The company’s net loss increased by 36% to ₦144.9 billion from ₦106.3 billion the year before, despite this significant revenue rise.
Higher interest rates and the devaluation of the naira contributed to a 34% increase in the company’s net financing costs. prices were greatly influenced by this depreciation, particularly because imports account for about half of the company’s input prices.
Furthermore, spending on consumables and raw materials more than doubled to ₦615.5 billion, highlighting the difficulties caused by constraints on foreign exchange.
According to its audited reports released on Friday, it saw a negative bottom line despite an 80.8 per cent improvement in sales, which brought revenue to a new high of N1.1 trillion.
As income was eroded by the cost of imported raw materials, the beer and non-alcoholic beverage manufacturer’s direct cost of production increased from 64.5% of turnover to 70.5%.
