Nigerian Breweries Plc has announced its financial results for the year ended 31 December 2022. The company reported a net revenue growth of 26% to ₦550.838 billion in 2022, up from ₦276.872 billion in 2021 while profit after tax grew by 4% to ₦13.187 billion from ₦12.672 billion in 2021.
The Managing Director and Chief Executive Officer, Nigerian Breweries Plc, Mr. Hans Essaadi on Wednesday said that the company despite the challenges it faces; insecurity, forex scarcity, the impact of the Russia-Ukraine war, high cost of diesel and rise in production materials, the company was able to retain its spot as the premium brand for both lager beer and non-alcoholic drinks while making profits and making an impact in the society.
Essaadi said that “for over 77 years, we have built a strong legacy weathering so many storms. We have been faced and still being faced by storms especially with the Russia-Ukraine crisis that has made the price of diesel skyrocket. We are optimistic that we would sail through like we have always done over the past 77 years.”
BizWatch Nigeria reports that Nigerian Breweries also benefited from increased investments in marketing and advertising, as well as strategic pricing initiatives.
“We are thrilled to report another year of solid revenue growth, demonstrating our company’s resiliency and the strength of our brands. However, in 2022, we experienced considerable cost pressures, which had an impact on our profitability.
“We will continue to focus on being a premium brand, minimizing our energy footprint, and contributing to society in order to drive long-term sustainable growth,” Essadi said.
Mrs. Sade Morgan, Corporate Affairs Director at Nigerian Breweries Plc, stated that the company made a significant impact in society in 2022 by empowering people, creating a sustainable environment by planting trees, educating consumers about alcohol consumption, engaging youth, and rewarding outstanding teachers.
Morgan stated that sustainability is at the heart of the business when discussing the outlook for Nigerian Breweries, emphasizing that the company has continued to make steady progress on its climate action, accelerating its social sustainability agenda through community impact, and advocating for moderate alcohol consumption.
Nigerian Breweries anticipates that its development trajectory will continue in 2023, driven by further investments in brand creation, innovation, and digital transformation.
