International Breweries Plc has reported a post-tax deficit of N113.6 billion for the 2024 financial year, a 62.2% increase from the N70 billion loss recorded in 2023.
This was revealed in the company’s financial statement published on the Nigerian Exchange website. Even with an 87.6% surge in revenue to N488.9 billion, up from N260.6 billion in 2023, and a 52.3% increase in gross profit to N131.3 billion, the company encountered challenges in achieving profitability.
Finance income rose by 25% to N14 billion, compared to N11.2 billion last year, while finance costs increased by 16.9% to N34.8 billion. Loss before tax surged by 15% to N111.8 billion from N70 billion in 2023.
The company’s total assets stood at N727.9 billion, a slight increase from N724.5 billion, while total liabilities dropped 54% to N278.9 billion, compared to N609 billion the previous year.
The company pointed to foreign exchange difficulties, market liquidity issues, and significant foreign exchange losses on foreign-currency-denominated debts and liabilities as primary factors impacting its profitability.
Nonetheless, International Breweries Plc, known for its diverse portfolio of alcoholic, non-alcoholic beverages, and soft drinks, stays focused on returning to profitability in 2025.
