Food, Beverage & Tobacco Nigerian Community

Today, the company announced its Audited Financial Statements for the 12 months ended 31 December 2024. Key Highlights • 125.2% Year-on-Year growth in EBITDA; increased from N52.9bn in 2023 to N119.1bn in 2024.

International Breweries has reported a significant loss after tax of N113.61 billion in the 2024 financial year, marking its seventh consecutive year of losses. Despite this, the company has seen strong revenue growth, with a 87.63% increase in revenue to N488.96 billion.

Nigerian Breweries has announced that the proceeds from its N599 billion rights issue have been instrumental in eliminating its foreign exchange (FX) debt entirely from its balance sheet. This move mitigates the company's exposure to currency volatility and reduces its local debt burden.

UAC of Nigeria has delivered an impressive performance, with a 107% increase in profit before tax to N26 billion in 2024. This remarkable growth is a testament to the company's strong sales, improved operational efficiency, and strategic price adjustments.

It's concerning to see Cadbury Nigeria record a loss of N22.2 billion for the 2024 financial year, despite a significant 61% increase in revenue. This raises questions about the company's ability to translate revenue growth into profitability.

Nestlé Nigeria has unveiled a new product, Golden Morn 3 in 1, aimed at addressing local nutritional needs and improving food accessibility for consumers. This launch is part of the company's strategy to expand its product offerings and provide affordable nutrition.

Champion Breweries Plc has reported a profit after tax of N816.99m for the 2024 financial year, representing a 120.5 per cent increase from the N370.56m recorded in 2023. The company’s audited financial statements for the year ended December 31, 2024, showed that revenue rose by 64.5 per cent to N20.89bn from N12.70bn in the previous year.

Nascon Allied Industries Plc has announced a remarkable 49% increase in revenue to N120.4 billion for the financial year ended December 31, 2024. Key Point: The company's impressive revenue growth was driven by strategic initiatives and market resilience, resulting in significant increases in gross profit, EBITDA, and profit after tax.

Dangote Sugar Refinery Plc has announced a significant loss after tax of N192.6 billion for the financial year ended December 31, 2024, representing a 161% increase from the N73.76 billion loss recorded in the previous year. Key Point: Despite a 51% increase in revenue to N665.69 billion, the company's profitability was severely impacted by a 78% surge in cost of sales to N634.58 billion, resulting in a 64% decline in gross profit.