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.
Key Highlights
The company's financial performance reveals several key highlights:
- Loss After Tax: International Breweries' loss after tax widened to N113.61 billion, a 62.25% increase from the previous year.
- Revenue Growth: The company's revenue reached a nine-year high of N488.96 billion, driven by strong sales.
- Foreign Exchange Challenges: The company's inability to source adequate foreign exchange due to market illiquidity resulted in significant FX losses.
- Rights Issue: International Breweries raised fresh capital through a rights issue and settled its outstanding loan liability.
Strategic Positioning
Despite the challenges, the company is strategically positioned for success:
- Positive Operating Cash Flows: The company generated positive operating cash flows of N148.90 billion.
- Backing from Parent Company: International Breweries continues to have the backing of its ultimate parent company, AB InBev.
- Expansion Plans: The company expects to return to profitability in 2025, driven by its strong revenue growth and cost management.
Outlook
International Breweries' future prospects look promising, with the company:
- Committing to Sustainable Value: The company is committed to creating sustainable value for its shareholders.
- Fortifying its Position: International Breweries aims to fortify its position in the Nigerian beverage industry.
- Delivering Long-term Value: The company is focused on delivering long-term value for its shareholders.
Overall, International Breweries' strong revenue growth and strategic positioning set the stage for a potential return to profitability in 2025.
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Disclaimer
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