Nigerian Breweries (NB) Plc, has recorded a 76.9 per cent revenue growth for the nine month period ended September 30th 2024.
The company result submitted at the Nigerian Exchange showed that the group revenue for the period surged to N710.872 billion, as against N401.809 billion, recorded in the corresponding period of 2023.
According to the company unaudited results the group ’s gross profit in the period under review rose to N209.902 billion from N152.560 billion in the corresponding period 0f 2023, representing a 37.6 per cent rise.
An analysis of the the group results released at the Exchange revealed that the Cost of Sales rose from N249. 241 billion reported in the comparative period of 2023 to N500.959 billion in 2024, while Marketing, Distribution, and Administration expenses experienced a rise of 45 per cent from N127 billion in 2023 to N184 billion in 2024
Commenting on the result the company said it remains resilient in the face of a challenging operating landscape in the Nigeria marked by high inflation rates, deteriorating naira value and increasing input cost.
The Managing director, Chief Executive Officer of Nigerian Breweries Plc, Hans Essaadi, stated that the revenue grew by 75 per cent was driven by strategic pricing , innovation and market recovery, adding that gross profit went up by 36 per cent although it is lower than revenue growth due to a 99 per cent increase in the cost of goods sold.
In a statement issued by the company signed by Company Secretary, Uaboi G Agbebaku said that the board remains confident in its long term strategy to deliver value to it’s shareholders and reaffirms the company’s enduring commitment to winning with Nigeria through people development strategic, innovation, operating efficiency and community impact.