Nigerian Breweries Plc (NB Plc) has announced a historic revenue milestone, crossing the N1 trillion mark for the first time in its 2024 financial year. The brewing giant revealed this achievement during its pre-Annual General Meeting (AGM) media briefing in Lagos, where executives outlined the company’s financial performance, sustainability efforts, and strategic outlook for 2025.  

Record Revenue Amid Economic Headwinds

Managing Director Hans Essaadi disclosed that NB Plc’s revenue surged by 81% to N1.1 trillion in 2024, up from N599.5 billion in 2023. The milestone cements the company’s position as a key player in Nigeria’s fast-moving consumer goods (FMCG) sector.  

However, Essaadi noted that the company faced significant economic pressures, including a 98% rise in the cost of goods sold (COGS), driven by naira devaluation and soaring inflation. Despite these challenges, NB Plc maintained profitability, with operating profit growing by 59% due to disciplined cost management.  

“The macroeconomic environment was tough, but we adapted strategically,” Essaadi said. “Our operating profit growth reflects our resilience and ability to navigate complex conditions.”  

Net finance costs, however, rose by 34% to N253 billion, attributed to higher interest rates and foreign exchange volatility. Still, the company’s results from operating activities climbed by 53.7% to N68.4 billion, while share capital increased by 201.5% to N15.49 billion.  

Navigating Inflation and FX Pressures

Nigeria’s inflation rate hit a near 30-year high of 34.8% in December 2024, exacerbating operational costs for businesses. Essaadi explained that raw material prices surged, squeezing margins across the industry.  

To mitigate these challenges, Nigerian Breweries undertook a major recapitalization through a rights issue, described as one of the largest and most successful in Nigeria’s corporate history.  

“Our ambition is to leverage diversity, promote equity, and embed inclusion to drive business value in a rapidly changing environment,” Essaadi stated. “This approach benefits not just our company but also our customers and consumers.”  

Sustainability and Social Impact Initiatives 

Corporate Affairs Director Sade Morgan emphasized NB Plc’s commitment to sustainability under its *Brew a Better World* agenda. The company has intensified efforts in three key areas:  

  1. Climate Action – Invested N2.5 billion in decarbonization projects and planted over 283,904 trees at the Olokomeji Forest Reserve.  
  2. Social Sustainability – Strengthened community impact programs to support local economies.  
  3. Responsible Alcohol Consumption – Spent N84 million on campaigns discouraging alcohol use among commercial drivers.  

Federico Agressi, Supply Chain Director, added that Nigerian Breweries remains focused on long-term environmental and social responsibility. “We are raising the bar on sustainability to ensure our growth aligns with global best practices,” he said.  

Looking Ahead to 2025

Despite the economic turbulence, Nigerian Breweries remains optimistic about 2025. The company plans to sustain growth through innovation, cost efficiency, and deeper consumer engagement.  

Sade Morgan reiterated the company’s commitment to fostering “true togetherness” and inspiring a better world. “We lived through a tough year, but we emerged stronger,” she said. “Our focus remains on delivering value to stakeholders while positively impacting society.”  

As NB Plc prepares for its AGM, stakeholders will be keen to see how the company builds on its trillion-naira success while navigating Nigeria’s evolving economic landscape.