This represents a massive 81% increase on the N599.6bn recorded in the corresponding period in 2023.

A further breakdown of the audited results revealed a significant 51% growth in group gross profit from N212.6bn in 2023 to N320bn in 2024.

The operating profit equally grew significantly by 59% from N44bn to N70bn during the period despite the challenges of the huge increase in input costs.

Speaking on the results, Mr Hans Essaadi, managing director/CEO of Nigerian Breweries Plc, said the impressive year-on-year (YoY) revenue growth was primarily driven by strategic pricing initiatives, market expansion, successful innovations, and operational efficiencies.

”Despite macroeconomic headwinds faced by the company, group operating profit surged by 54%, reflecting the success of cost management, process optimisation, and strong operational performance”, he noted.

He added that the 34% increase in the net finance costs and the 36% increase in the net loss recorded by the company was driven by the rise in interest rates and the impact of the devaluation of the naira. The net loss increased from N106.3bn in the previous year to N144.9bn.

According to a statement signed by Mr Uaboi Agbebaku, the company secretary/legal director, the company took some bold steps in 2024 to deal with the issues that impacted the net profit and to strengthen its financial position.

The Board obtained the support of shareholders for the company’s business recovery plan including a successful Rights Issue.

Agbebaku disclosed further that the bold steps have started to yield positive results, with the company demonstrating strong recovery and positive momentum in the last quarter of 2024. “In Quarter 4, Revenue grew by 89% while operating profit increased by 145%.

Notably, net finance costs decreased by 75%, leading to a return to profitability in the quarter, the first time in two years.

The return to a positive net profit position marks a major step in the company’s journey towards long-term profitability and financial stability. It also reinforces the effectiveness of ongoing transformation initiatives.

The proceeds from the right issues have been utilised to significantly reduce future currency risks, and the board remains committed to maintaining the improved financial position,” he said.

While appreciating the shareholders’ support on the Rights issue, he maintained that the company would continue to navigate the challenges of the Nigerian business environment to bring about profitability for the business.

“While the economic landscape continues to evolve, the company remains focused on agility, innovation and operational excellence, ensuring it is well positioned for future opportunities while continuing to navigate the challenges of the Nigerian economy, which is characterised by foreign exchange volatility, limited access to foreign capital, the impact of subsidy removal and naira devaluation,” he said.

Furthermore, the All-Share Index further dips by 0.33 percent to 101,707.70 points, as the market capitalization dropped by the same percentage to N 55.652tn as the year-to-date gain of the index slipped to 36.02 percent.

The negative result of the ASI also impacted the sectoral indices as three out of the five sub-sectors recorded adverse movements.

The downturn upturn was driven by price depreciation in large and Medium capitalize stocks among which are; Guinness stocks, PZ Cussons, Zenith Bank, Nigerian Breweries, United Bank for Africa, Lafarge, GTCO, FBN Holdings, Etranzact, CWG and Wema Bank. On the price movement chart, 24 stocks appreciated in price while 30 constituted the loser’s chart.

The Banking index led the losers with a 1.85 percent decline, driven by sell pressure in Unity Bank, Wema Bank, United Bank for Africa, and Zenith Bank Plc.

The Consumer and Industrial Goods indexes lost 0.22 percent and 0.10 percent, respectively, majorly due to share price decline in PZ, Cussons, Guinness Nigeria, Nigerian Breweries and Lafarge Africa.

Meanwhile, the Insurance and Oil/Gas sectors advanced by 1.13 percent and 0.09 percent, respectively.

Stocks trading activity on the NGX displayed a varied trend, with the total deals and value declining by 1.16 percent and 16.09 percent to 8,614 trades and N4.3bn, respectively; In terms of Volume transactions declined, by 20.76 million, representing 8.56 percent as investors traded 263.192 million shares valued at N.300 billion in 8614 deals against 42.432 million shares worth N5.3 billion exchanged hands the previous day in 8715 deals.

The stocks gainers included Honeywell Flour Mill, Juli Plc, and Cornerstone Insurance, whose share prices appreciated by 9.92 percent, 9.90, and 9.88 percent, respectively. Whilst VeritasKap emerged as the most traded security in terms of volume with 49.07 million units changing hands in 143 deals, while UBA led in traded value at N587.50m.

At the close of trading, there were more losers at 30 than gainers which were 24 securities.

This strategic move is aimed at capitalizing on the growth potential in the wines and spirits segment of the brewing industry.

The proposal was officially communicated to Nigeria Exchange Limited through a notification signed by Uaboi Agbebaku, the company secretary.

Heineken Beverages Limited, the parent company of Distell International Limited, extended the offer to Nigerian Breweries Plc to acquire a majority interest in Distell Wines & Spirits Nigeria Limited.

The board of Nigerian Breweries Plc has resolved to carefully evaluate the offer, seeking guidance from external legal and financial advisors.

A decision will be reached in the coming weeks, and the outcome will be communicated accordingly, according to Agbebaku.

Distell Nigeria, established in 2018 and headquartered in Lagos, operates as a subsidiary of Distell International Limited, which is fully owned by Heineken Beverages. Distell International Limited currently holds an 80% stake in Distell Nigeria.

The company is involved in the local production of wines and ciders, as well as the importation of wines, spirits, and flavored alcoholic beverages from the Distell Group based in South Africa.

The brand portfolio of Distell Nigeria includes popular names such as Amarula, JC Leroux, Nederburg, Drostdy Haf, 4th Street, Bain’s, Knights, Chamdor, Hunters, and Savanna.

This acquisition will further solidify Nigerian Breweries Plc’s position as a leader in the brewing industry within the Nigerian manufacturing sector

The company’s turnover pegs at N123.31 billion, which represents a decline of 10.49% from N137.77 billion reported in Q1 2022.

According to the firm, the operating environment during the period under review was very challenging for businesses.

“The impact of the cash crunch which led to a near collapse of payment channels as well as the security and safety uncertainties associated with the general elections, created disruptions in the economy.

“These were in addition to the continuing headwinds of inflationary pressure with its impact on purchasing power, input cost, and operating expenses.

“The total brewed product market suffered a double-digit (mid-twenties) volume decline versus the same period in 2022. We were able to largely mitigate the volume decline impact on our Revenue due to our appropriate pricing strategy.

“Our Operating Profit was further impacted by a one-off reorganization cost to refresh and restructure the business to cope with current challenges for a sustainable future

“The Board remains committed to creating long-term and sustainable value for our Shareholders.”

The overwhelming success of this year’s Gulder Ultimate Search spread to the winners’ party that was graced by hundreds of Nigerians while thousands more followed it online.

The warm atmosphere was appropriate for the presence of cold Gulder that has now become a favourite since it was relaunched as a craft beer.

Odudu Ime Otu, the winner of this season’s Gulder Ultimate Search, was crowned after finding Akolo’s chest on the final day after battling 17 other contestants who made it into the jungle with him.

Odudu Ime Otu was presented with N50 million worth of prizes, including the key to an SUV courtesy of Innoson motors and a return ticket to Dubai.

The youngest of the finalists expressed delight in being the ultimate craftsman. He thanked Nigerian breweries for the opportunity given to him and other contestants.

He said: “First, I would like to thank Nigerian Breweries, organisers of Gulder Ultimate Search, for bringing back the show. I had fond memories of it growing up and was sad when it went off the air. I could not contain my delight when it returned for Season 12 in 2021.

“I did not hesitate to put in my application, and despite getting into the jungle as a wildcard, I was determined to make the best use of the opportunity. This rare opportunity has changed my life for good, and I am truly grateful to Nigerian breweries, their sponsors and partners, as well as my fellow contestants.”

Emmanuel Oriakhi, who is the marketing director of Nigerian Breweries, attributed the success of this season’s Gulder Ultimate Search to the organisers, sponsors and partners, crew members, the contestants and all Nigerians.

Emmanuel said: “The return of Gulder Ultimate Search coincided with our relaunch of Gulder as a craft beer, and Nigerians have overwhelmingly accepted both.

“There is a reason Gulder Ultimate Search is the biggest reality TV show in Nigeria, making heroes out of our youths and providing a platform that nurtures the value of team spirit and individual competitiveness. We are grateful to everyone here today for being part of our success story. We say thank you.”

Photos from the Season 12 winners party: