International Breweries Plc has released its audited financial report for the period ending on 31 December 2024, revealing a pre-tax loss of N111.8 billion.
This marks a 14.96% increase from the pre-tax loss of N97.2 billion reported the previous year, driven by rising sales costs, expenses, and a significant net foreign exchange loss.
The company achieved strong revenue growth, increasing from N488.9 billion to N260.5 billion—a substantial 87.63% year-over-year rise, with local sales accounting for 100% of the total revenue.
While the cost of sales escalated to N357.6 billion from N174.3 billion in the prior year, gross profit still grew, rising to N131.35 billion—a 52.26% increase year-over-year.
- Less favourably, marketing, promotion, and distribution expenses increased to N76.7 billion, representing a 39.98% rise from N54.8 billion in the previous year.
- The net foreign exchange loss also surged to N165.6 billion, escalating by 1050.40% from the N14.3 billion reported in 2023.
On the finance front, the company reported N14 billion in finance income, up from N11.1 billion in 2023. This income was primarily driven by call deposits, which accounted for N10 billion, while income from treasury bills contributed the remaining.
- However, finance costs also rose, reaching N34.7 billion, an increase of 16.92%.
Key highlights:
- Revenue: N488.9 billion, +87.63% YoY
- Cost of sales: N357.6 billion, +105.13% YoY
- Gross profit: N131.3 billion, +52.26% YoY
- Marketing, promotion, and distribution expenses: N76.7 billion, +39.98% YoY
- Net foreign exchange loss: N165.6 billion, +1050.40% YoY
- Finance income: N14.01 billion, +25.42% YoY
- Finance costs: N34.7 billion, +16.92% YoY
- Pre-tax loss: N111.8 billion, +14.96% YoY
As of 4th April 2025, International Breweries is priced at N5.09 in the Nigerian stock market. In 2024, the company’s shares printed a year-to-date performance of N15.63%.
