Nigerian Breweries recorded a 73% increase in revenue despite the challenging operating environment characterized by soaring inflation, exchange rate volatility, security challenges, elevated input costs, and rising cost of living.
The unaudited results, which were released to the Nigerian Exchange Group (NGX), also revealed a 34 % increase in operating profit for the period.
Speaking on the result, Mr.Hans Essaadi Managing Director/CEO, Nigerian Breweries Plc, said: “In the six months ended June 30, 2024, Nigerian Breweries demonstrated resilience and is on the path to recovery as seen in the results delivered despite the challenging external environment characterized by high inflation and heightening operating costs.
“Our revenue grew by 73% in the half-year compared to the same period in 2023.
‘’The growth was driven by strategic pricing, innovation volume growth and market recovery.
“Cost of sales, distribution, and admin expenses increased by 46 per cent, largely due to inflationary pressure and forex devaluation impacting imported materials.”
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