NB records group revenue of N1.1 trn in 2024
By: Kenneth Madueke..,. Operating profit grows by 59 per cent
Nigerian Breweries PLC (NB) recorded an impressive N1.1 trillion as group revenue in 2024 financial year, representing 81 per cent increase compared to the previous year’s figure of N599.5 billion.
The brewing giant ,also, defied the inclement economic environment to grow its operating profit by 59 per cent due to the disciplined cost management during the period under review.
The Managing Director/Chief Executive Officer of NB PLC, Mr Hans Essaadi, stated this while speaking during the pre- Annual General Meeting (AGM) Media briefing of the company in Lagos.
He expressed hope for a brighter business future as the company plans to build on the momentum of quarter four of 2024 when its profit and revenue grew by 145 per cent and 89 per cent respectively.
Mr Essaadi noted that NB recorded a significant 75 per cent reduction in the net finance costs which contributed to a net profit position in the quarter.
He, however, blamed a 34 per cent rise in the net finance cost which increased to N253 billion on the harsh operating environment characterized by inflationary trend, high interest expenses and the impact of the devaluation of naira on the foreign exchange denominated payables.
As a result, he continued, the bottom line was heavily down and that prompted the net loss of N145 billion.
In his contribution, the NB PLC’s Finance Director, Mr Bernardus Wessels Boer, explained that the management’s proactive move to contain headwinds led to the adoption of Business Recovery Plan(BRP) of the right issue which recorded 92 per cent success level.
According to him, the Capital raise substantially reduced the company’s debt as well as strengthened its financial position, while the BRP helped to improve the operational efficiencies.
He stated that with the clean off of the company’s balance sheet, the coast is now clearer for a brighter future .
The Company Secretary/Legal Director, Mr Uaboi Agbebaku, hinted of plans to request for Shareholders’ approval to amend the borrowing clause in the Articles of Association of NB PLC during its AGM slated to hold virtually on Wednesday, 16th April, 2025 at 10 am.
According to him, the approval of the request would enable the board to have more flexibility in sourcing for funds from alternative market sources at more competitive interest rates in order to easily reduce the interest burden.
The Corporate Affairs Director of NB PLC, Mrs Sade Morgan,talked about the commitment and resilience of the company over the years to carter for the needs of its stakeholders in the face of tough operating environment.
According to her, some of the enduring initiatives of the company make its brands to remain the preferred ones in the highly competitive market and have continued to win awards and recognitions across multiple prestigious platforms.
